Manufacturing sector should get due importance: Traders

Lahore : Islamabad Chamber of Small Traders on Thursday said manufacturing is an important sector of the economy which should be given due importance as its share in the GDP remains stagnant since three years.

Despite efforts the share of manufacturing has not increased from 3.16 percent since last three years due to incoherent policies, taxation issues, energy crisis and law and order situation, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

In a statement issued here today, he said that government officials claim that one hundred and twenty four large scale units have been established in country during the last three years but it has not improved that share of the sector in the GDP which is amazing.

Shahid Rasheed Butt said that manufacturing has failed to hit the target in the last three years but the situation can change as industrial sector has been exempted from the loadshedding.

Moreover, he said, central bank has reduced interest rate for large scale industries from 9.5 percent to 5.75 percent which will encourage industrialists to get cheap credit for expansion and establishing new units reducing unemployment while improving revenue and production.

The law and order situation has also improved which is encouraging for the business community that will improve their sentiments, he added.

Butt said that the fastest growing sector is construction followed by the energy generation while 5-year auto policy will boost the manufacturing which is very important for job creation, production and exports.

The most powerful nations in the world are those that control the bulk of the global production, he said, adding that manufacturing is one of the bright sport of our economy which deserve full attention of the policymakers.