ISLAMABAD - Abdul Razak Dawood, Advisor to Prime Minister on Commerce and Textile, on Thursday said that government is committed to reverse the trend of de-industrialisation. 

He further that newly formed National Tariff Policy is a central pillar for strategy to boost industrialization. He made these remarks in meeting with a delegation of the Asian Development Bank which was led by Director General Warner Liepach.

Warner Liepach apprised the advisor on commerce about their ongoing technical assistance programmes in Pakistan. He shared ADB’s future agenda for assistance particularly in trade and energy. The advisor shared the economic priorities of the government and the strategy to achieve them. Advisor informed that energy projects particularly renewable are very important for economic growth of the country. Pakistan’s energy needs especially from the industry are on the rise and it is the priority of the government to provide affordable energy to the industry.

The tariff regime is being revised to shift Pakistan from an import based consumption driven economy to an industrialization based economy. He said that that Pakistan’s tariff structure had encouraged imports and discourages local value addition and exports. All anomalies will be corrected. Tariff policy will reduce the cost of imported raw materials and intermediates for SMEs. The Industrial policy is also in the final stages of formulation. The industrial policy is expected to improve the industrial base of the country resulting in better economic returns for the country.  The Advisor highlighted that the government is working on SME policy. Access to finance has been a major bottleneck for SMEs. ADB offered to explore options of SME financing using local currency bonds for agriculture financing.

He appreciated the support provided by ADB on different areas including trade.