PIAF welcomes govt plan to revive sick industrial units in 60 days

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ONLINE
LAHORE
The Pakistan Industrial & Traders Association Front (PIAF) has welcomed the government plan to revive 687 sick industrial units within sixty days, saying it is imperative to enhance industrial base for the revitalization of economy and industrial growth.
PIAF chairman Mian Nauman Kabir called for collaboration with the private sector for promotion of Small and Medium Enterprises, giving importance to small industrial units so that employment opportunities could be generated.
Nauman Kabir also stressed the need for increasing existing installed capacity of the manufacturing sector so that industrial base economy could be increased.
As Pakistan’s exports have been almost flat for a long time, it is the need of the time to utilize existing production capacity to the optimal level and operationalise the closed units on competitive basis, he added.
He observed that owing to the positive steps regarding business facilitation these sick units have a chance to reconnect to their past glory. He added that the US-China trade war can have a positive impact on Pakistan garment exports, as the Global Value Chains(GVCs) are realigning in US market due to high tariff against Chinese imports. This realignment can provide immense opportunity to Pakistan’s export industry to integrate it into GVCs, contributing in enhancing exports of the country, he said.
Mian Nauman Kabir, the former interim provincial minister, stressed that frequent meetings with the stakeholders is the first step for the advancement of small and medium industries, revival of sick industries and facilitation of the whole business community.
He asked the government to run economic system in a sustainable manner to generate employment opportunities, enhance investors’ trust and promote local industries, which is not possible without taking the business community onboard.