LAHORE: While appreciating the prime minister for announcing a much-needed industrial package, the business community has stressed that the economic development of a country is directly linked with the promotion of the industrial sector that attracts foreign and local investments and helps generate jobs.

Industrialists and businessmen termed PM’s package a significant decision that will lead to the industrial revolution in the country.

“Look, agriculture alone cannot make any nation wealthy as it is the industry that makes any country a developed one. Have you ever heard about any country that became wealthy just because of cotton, wheat or rice produce?,” asked Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh.

Talking to Dawn on Tuesday Mr Sheikh, who claims to be a member of the committee formed by the government for finalising this package, said the government’s attention towards giving a boom to the industry through announcing such a package is a bit late yet it is unprecedented in the history of Pakistan.

“The construction sector cannot create jobs for the people like the industrial sector does. That is why this package was necessary that could help the government in balancing the gap between imports and exports,” he maintained.

He also claimed to have discussed this plan with the International Monetary Fund before its formal announcement by the premier.

While reacting to the industrial package, Lahore Chamber of Commerce and Industry President Mian Nauman Kabir termed it a great support to the industry. “The protection of the stakes of the industrial sector and a good pace of economic progress is a must to tackle the ongoing challenges,” he added.

“Due attention should also be paid to the export-oriented industries to lift exports and to earn much-needed foreign exchange,” he stressed.

Published in Dawn, March 2nd, 2022