LAHORE, Nov 24: Federal Minister for Industries, Production and Special Initiatives Jehangir Khan Tarin on Wednesday said that the National Industrial Strategy would be finalized by mid of January next year with an objective of rapid industrialization in the country.

Speaking at the inaugural ceremony of a new branch of Pakistan Industrial Credit and Investment Corporation (PICIC) at Thokar Niaz Beg here, he said that a group of experts, both foreign and local, had been engaged for the formulation of the strategy.

He said that State Bank Governor Dr. Ishrat Husain and Adviser to Prime Minister on Finance Dr Salman Shah had also been requested to contribute to the process of policy formulation.

Mr Tarin said that there was need of a better energy policy for a rapid industrialization process. "Keeping in view the depleting gas reserves in the country, it is necessary to import gas and explore new gas fields to meet the fuel and energy needs of the industry," he said.

The minister said that Pakistan Industrial Development Corporation (PIDC) was being revived with the objective of facilitating industrialization process in the country. He said that Pakistan Industrial and Technical Assistance Centre (PITAC) would be re-vitalized and added that its management was going to be handed over to the private sector.

The minister said that the reforms carried out by the government had created a healthy competition in the banking sector. Without a dynamic banking system, it was not possible to ensure rapid industrialization, he added.

Later talking to newsmen after the inaugural ceremony, the minister said that six mega cement plants would be set up in the country in next few years. "Establishment of these plants will help stabilize cement prices besides meeting the rising demand of the commodity in wake of increased construction activity," he said.

He said that the prices of cement had slightly increased due to increase in the demand. Responding to a question about over-charging of vehicle prices by the manufacturers, Mr Tarin warned of more liberalization of automobile import policy in case of continuation of this problem.

He said that Engineering Development Board (EDB) was being restructured to help streamline the automobile manufacturing affairs. He said that only one vehicle was being provided on an NTN to check the possibility of profiteering and hoarding. -APP