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Pakistan finalises new plan to boost economy

Official sources said here yesterday that substantial increase in the per capita income will be achieved by encouraging public-private sector partnership to set up proper Export Promotion Zones (EPZs) and Industrial Estates throughout the country.

The industrial sector will be prepared to cope with post WTO scenario by making the products internationally competitive.

For rapid industrial growth, emphasis will be on the construction industry for which liberal house loans will be provided to meet the present shortfall of five million houses.

The new plan jointly worked out by the ministries of finance, commerce and industries and production also calls for technological upgradation, technical manpower development and support for appropriate infrastructure (physical, financial, technical and intellectual).

The plan also seeks to facilitate tripartite arrangement among investors, technology suppliers and local partners to achieve better industrial productivity. It emphasises on cluster development particularly for areas like Gujranwala, Sialkot, Wazirabad and Hyderabad.

Sources said that the main objective of the plan is reversal of downward trend of investment and industry, elimination of the awkward phenomena known as "De-industrialisation," ending of stagnation and to ensure that the economy is again at the take off stage, with the government's assertions of its strong commitments to adhere to the last three years reform programme.

In view of the greater globalisation, privatisation and WTO challenges, the government would adopt proactive approach for which it has prioritised the areas of technological upgradation, value addition, productivity enhancement and quality enforcement avoiding the pitfalls of over investment in the saturated sectors.

The major shift, officials said, would be growth led industrialisation encompassing import substitution and export orientation and continuation of indigenisation /deletion policy aiming at self reliance.

Then there will be more emphasis on development of small and medium enterprises and tariff rationalisation to make local industry internationally competitive and promote value addition. Also, the plan aims at reducing controls, rationalising regulatory framework and the development of sectoral visions/strategies to identify areas where Pakistan has or can develop a competitive edge.