July 25, 2003	Friday	Jumadi-ul-Awwal 24, 1424

HYDERABAD, July 24: Federal Industries Minister Liaquat Ali Jatoi on Thursday stressed the need for setting up small and medium industries as they, being labour-intensive, would end unemployment.

He was addressing the members of the Hyderabad Chamber of Commerce and Industry (HCCI) at its secretariat.

He said unemployment was the most sensitive and burning issue, and that only the private sector could overcome this problem because the government did not have the resources to provide jobs.

Jatoi claimed that Pakistan was now one of the most viable countries for investment not only by the local entrepreneurs but by the foreign investors as well.

He said Pakistan was now at a take-off stage and there were no restrictions on bringing in money or taking it out which spoke volumes for Pakistan’s economic stability. “This is the country to invest”, the industries minister said.

He said that the industrial growth of 39 important items had shot up from 7.2 per cent to 11.8 per cent and the industry’s share in GDP had increased from 17.2 per cent to 18.2 per cent and the targeted share was 25 per cent.

He said that the automobile sector’s growth rate was 45 per cent. He was not in favour of the import of reconditioned automobile as what he said it would close the local industry and render thousands of people jobless.

He, however, said that the government would welcome foreign investment in this sector. He said he would be happy to see that the prices of motorbikes are further decreased, and that the policy was being reviewed in this regard.

About the Pakistan Steel, the federal minister said that it was for the first time in its history that it had earned a profit of Rs1 billion and its sales had touched Rs22 billion. “This is simply unbelievable,” the minister said.

He said he had also activated the National Productivity Organization, which would establish technical training centres including computer centres in 200 villages. He said these centres would also be set up at Hyderabad, Tando Allahyar, Tando Jam and other areas of Hyderabad district. He said that the government would give jobs to the trainees.

He said with the assistance of Japan, a fruit preservation plant would be set up at Tando Jam. He said efforts were under way to preserve the quality of cotton after picking.

Addressing the problems raised in the address of welcome by the president of the Chamber, Abdur Razzaq Memon, the minister agreed that all the taxes should be brought under one umbrella.