‘2021 to be the year of economic and business growth for Pakistan’ - GulfToday

‘2021 to be the year of economic and business growth for Pakistan’

Pakistan economy

Pakistan’s textile sector is running at full capacity.

As economies around the globe have remained under intense pressure owing to the COVID-19 pandemic, the Pakistani economy is showing encouraging signs of a promising recovery with improved economic indicators.

Pakistani Prime Minister Imran Khan said that the year 2021 will be a year of economic growth for Pakistan, as the government is now prepared to face any challenge that comes it’s way.

Addressing at a ceremony, the PM said that the construction industry was already on its way up, as the cement sales in the country witnessed record sales. Whereas, the textile sector is running at full capacity.

“Pakistan is moving in the right direction, in 2021 we will facilitate our industries through incentives and business-friendly policies. The wealth creation will be used to reduce the poverty levels,” he said.

The country’s economic experts believed that despite the testing times, the national economy is heading towards the right direction as the government’s extensive measures have helped it move progressively on the adjustment path in a stabilisation process.

According to a recently released Asian Development Bank (ADB) report on development outlook, Pakistan’s economy has been getting better despite the persistent challenge of COVID-19.

“Pakistan’s economy is recovering, particularly in the manufacturing and construction sectors, supported by the government emergency relief,” said the report, a regular supplement to the Asian Development Outlook (ADO) 2020.

The Prime Minister said his two major public welfare objectives during the current year are ensuring universal health coverage through Health Card Scheme and launching of an initiative under Ehsaas Programme to make sure that no one goes to bed hungry.

PM said the government has dealt with the Covid-19 challenge in an effective manager. He said Pakistan is among the few countries, which have been appreciated by the WHO for better handling the pandemic. He said we followed the policy of saving lives as well as the livelihood of people.

“If Pakistan wants to industrialize, then its best ally is China,” said PM Khan during his address. The Prime Minister was of the view that the economic model of China is best suited for Pakistan’s needs.

“Our government’s entire focus is to convert Pakistan into a welfare state, reduce poverty and income inequality in the country,” said PM Khan.

He said that we want the relocation of Chinese industries in Pakistan, especially in the Special Economic Zones (SEZ’s) set up in the country. PM Khan said that they want Chinese companies to conduct exports from these SEZ’s similar to what they have done in Vietnam.

PM Khan highlighted the importance of the agriculture sector, saying that unfortunately not enough attention was paid on this sector, therefore Pakistan is seeking China’s help to improve its agricultural output.

During the ceremony, the PM highlighted that the vehicles to be produced under the contract between JW and MG will help Pakistan, as it will not only generate employment, but its trickledown effect would boost other industries as well.

Meanwhile, Minister Industries and Production, Hammad Azhar applauded the recent agreement in the auto sector. “Pakistan’s auto sales have increased by 25 per cent in 2020 as compared to 2019, whereas the demand is much higher than the production,” said Federal Minister for Industries and Production, Hammad Azhar.

Because of this the existing players are increasing their capacity, said Azhar whereas there was a need for new entrants into the sector to fill the space and a competitive environment is created.

“I am happy to learn that MG is introducing six airbags in their vehicles, and I would like to see other auto players to move from two airbags to six,” he said.

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