LAHORE, Sept 11: Deputy Prime Minister Chaudhry Pervaiz Elahi has said a new long-term industrial policy is being formulated in consultation with the business community, besides promising a ‘drastic cut’ in power outages soon.

He was talking to Lahore Chamber of Commerce and Industry (LCCI) President Irfan Qaiser Sheikh and vice-president Saeeda Nazar who called on him at his residence here on Tuesday.

Mr Elahi said the government was aware of the problems being confronted by the trade and industry because of the persisting power crisis, pledging a ‘remarkable cut’ in loadshedding in the coming months.

He said the proposed industrial policy would pave the way for acceleration of industrial activity in the country, giving a boost to the exports while alleviating poverty and unemployment. He said the LCCI would be taken on board before finalising the industrial policy.

The PML-Q leader said the government was focusing on implementation of long-term policies. He said promotion of Indo-Pak trade would go a long way in bringing peace and prosperity to south Asia.

He said all possible measures were being taken to ensure continuity in economic policies that was a prerequisite to turning the country into a hub of economic activities and to achieve this goal all the stakeholders, including all chambers of commerce, would be consulted.

LCCI President Irfan Sheikh apprised the deputy prime minister of the challenges faced by the business community.

He said an acute power shortage and poor law and order had sent a very wrong signal to both the foreign and local businessmen who were planning to invest in Pakistan.

On progress in trade with India, Sheikh said it was a welcome sign but the government would have to facilitate the local business community to enable it to cope with a bigger economy.