ISLAMABAD, May 16: Industries and Production Minister Liaqat Ali Jatoi promised on Friday that the next budget would be ‘investor’s budget’ and said the government was determined to create an environment conductive to industrial investment.

Speaking at the first meeting of the recently established advisory council of the ministry of industries, he assured the business representatives that the government would remove barriers faced by the private sector.

The minister said a number of “radical” measures would be announced in the coming federal budget to promote industrialization and investment.

He said the second meeting of the advisory council would be convened by the end of this month so as to realize its objectives in a timely manner. He hoped that the government and the private sector would work in close collaboration to achieve the targets set by the council.

Responding to views expressed by the business representatives, the minister conceded that the production cost was high in the country. He, however, pointed out that petroleum prices had been brought down recently and reduction of electricity tariff was being contemplated seriously.

Mr Jatoi told the meeting that the prime minister would soon announce a special package of incentives for Export Processing Zones.

Industries Secretary Akram Sheikh told the meeting that out of 117 public sector enterprises, 80 had been privatized.

The secretary also announced the expansion of Pakistan Steel.