MCCI Backs Long-Term Industrial Policy for Economic Growth

The Multan Chamber of Commerce and Industry (MCCI) has thrown its weight behind a proposed industrialization policy set to span five to 10 years, with the goal of strengthening the national economy. A recent seminar held at the MCCI headquarters saw key figures like Ministry of Industry and Production representative Usman Khan, MCCI President Rashid Iqbal, and several prominent industrialists in attendance. The seminar served as a platform for industry stakeholders to present a range of recommendations aimed at fortifying the sector.

Usman Khan stressed the crucial role of industry in propelling the country's progress, highlighting the government's efforts to craft a comprehensive long-term industrial policy by seeking input from various Chambers. He pointed out the concerning gap between the country's economic growth rate of 0.5 percent and its population growth rate exceeding 3 percent annually. Khan also emphasized the need for Pakistani businessmen to concentrate on value addition, drawing attention to successful global examples in this area. Despite introducing only 26 new products in its export portfolio over the last decade, Khan expressed confidence in Pakistan's ability to access the US market and called for increased commitment from local entrepreneurs.

MCCI President Rashid Iqbal raised alarms about the limited availability of land for industrial purposes and suggested that the government allocate land free of charge for industrial use. He also advocated for the incorporation of digital platforms to streamline online business operations. Iqbal identified the cosmetics sector as a promising avenue for expanding exports. Senior Vice Presidents Nadeem Ahmed Shiekh and Asim Saeed Shiekh highlighted the necessity of ensuring fair trade opportunities globally. They proposed that the government simplify access to industry loans and prioritize the adoption of modern technologies. The event witnessed the presence of industry veterans like Muhammad Shafique, Syed Iftikhar Ali, Younis Ghazi, and Aehtesham ul Haq, among others.

The MCCI's endorsement of the proposed industrialization policy underscores the collective push towards enhancing Pakistan's economic landscape. With a focus on sustainable growth, innovation, and global competitiveness, the insights shared at the seminar pave the way for a more robust industrial sector. As stakeholders collaborate to address challenges and leverage opportunities, the future holds promise for Pakistan's industrial prowess and economic prosperity.