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Plan to set up heavy industry

June 21, 2012


KARACHI: Proposals for setting up a heavy industry to feed the country’s consumer goods industries with machinery and spare parts are expected to be discussed at the Heavy Industry Board meeting due to be held in Rawalpindi soon, it was learned here yesterday.

The Government’s decision to examine proposals for setting up heavy industry has been promoted by the heavy drain on the country’s foreign exchange resources on that account for industries like jute, cotton textile, cement and sugar. Pakistan imported about Rs97 crores worth of consumer goods about 10 years ago. Their value has been reduced to Rs37 crores, but the country’s total imports have touched Rs100 crores on account of raw material and spare parts.

Some of the industries understood to be receiving the attention of the Government are plants for the manufacture of spare parts and machinery for sugar, cement, jute and cotton textiles. Proposals for manufacturing spindles and looms for both the jute and cotton textile industries will also be considered.

Besides, plants for the production of tractors and other agricultural implements and fertilisers are also considered to be essential. Furthermore, with the availability of cheap gas in the country, prospects for setting up plastic industry and other petro-chemical industries are also bright.

One of the main problems is the lack of technical know-how, and the Government would first try to attract foreign capital and know-how for the industry. — Agencies

Tea auction ends in pandemonium

CHITTAGONG: Unheard of in any tea auction in the world, the first tea sale of the current season, which was held here yesterday, was concluded amidst great pandemonium, resulting in the suspension of the auction for half-an-hour. — Chittagong Correspondent