- Advertisement -
ISLAMABAD, May 20 (APP):Special Assistant to the Prime Minister (SAPM) for Industries and Production Haroon Akhtar Khan on Tuesday said Pakistan lacked a formal bankruptcy law and a comprehensive policy, considered ‘essential’ for the sustainable growth of the industrial sector.
Talking to Belgian-British economist Professor Stefan Dercon, who called on him, he highlighted the urgent need of a comprehensive industrial policy to ensure improved performance of this sector.
Both sides discussed key economic issues including macroeconomics, foreign reserves, exports, imports, and the need for an effective industrial policy.
They also engaged in a detailed conversation about the current challenges and opportunities facing Pakistan’s economy.
Haroon pointed out that high tax rates and expensive electricity tariffs have negatively impacted the industrial sector in the past.
He reaffirmed the Prime Minister’s commitment to reviving sick industries and restoring their productivity to contribute to the country’s economic growth.
Professor Dercon emphasized that an effective industrial policy should strike a balance between providing protection to industries and offering incentives to boost productivity.
He noted the importance of having a consistent policy framework to help Pakistani industries compete effectively in the regional market.
Additionally, he advocated for special incentives to be extended to productive industrial sectors to encourage further growth.
The economist also discussed the impact of customs tariffs on local industries and exports, highlighting the need for reforms to support economic expansion.
Haroon Akhtar concluded by stressing that investment in the industrial sector is crucial for achieving sustainable economic growth in Pakistan.