Underscoring the fact that no country in the world could progress unless it had a robust industrial sector, Prime Minister Imran Khan said on Tuesday that the industrial package he had announced today, should have been given much earlier, reported 24NewsHD TV channel. 

Imran Khan unveiled an incentives package for the promotion of industrial sector with focus on attracting investment from the local and expatriate business community and strengthening the country’s export-oriented industrial and manufacturing base.

Announcing the new industrial package at a ceremony in Lahore, the prime minister said this package would provide investment opportunities to nine million overseas Pakistanis.

He was of the view that merely agricultural products did not guarantee a country’s development. “The present government is trying to make Pakistan stand on its own feet,” he said.

https://www.youtube.com/watch?v=V3kWuuOdaoM

He further said the country was progressing until 70s. “But when the then government nationalized the industrial units, the country started going downhill,” he said, and added, “If we are to develop, we will have to learn from our past mistakes.”

“If we do not give incentives to our industries, we will fail to attract investors,” he said, and added that now the government was working on developing the industrial sector.

The prime minister said it was a matter of concern that while other countries in the region had increased their exports, same was not the case with Pakistan.

He said the country with the begging bowl would not get any respect. “We had to go to the IMF due to the dollar crunch in Pakistan,” he added.

The government had extended open amnesty to the industry in the past which was not the right thing, he said and added, targeted amnesty should have been offered.

He said no government in the past had formulated a long-term policy for the development of the country’s industrial sector. 

He went on to say that no government in the past ever tried to increase exports and reduce imports.

PM Imran told the gathering that the government had introduced a policy which would promote small and medium enterprises in the country.         

The prime minister claimed that foreign remittances had registered a record rise due to incentives given to the overseas Pakistanis. “Overseas Pakistanis are our assets and we are removing hurdles in their way to invest in businesses,” he informed.

He said that providing incentives to the IT sector was need of the hour, and it was the Pakistan Tehreek-i-Insaf (PTI) government which, for the first time in the country’s history, had announced incentives for the sector in this package.

“Along with local businessmen, we are also inviting the Overseas Pakistani entrepreneurs to invest in the country’s industrial sector. Besides the expatriates, the local businessmen in the joint venture will also enjoy five-year tax holiday with no questions,” he said.

The Prime Minister said that the government was doing all for the promotion of export-oriented industries – vital for the country’s socioeconomic development and progress – including the measures to strengthen Small and Medium Enterprises (SMEs) and revive the sick industrial units.

He said that there was a need to attract the nine million overseas Pakistanis – a precious asset for the country – to invest in their homeland by incentivizing and giving them confidence on the protection of their hard-earned capital.