ISLAMABAD (APP)- To meet requirements of national and international labour markets, the Ministry of Labour and Manpower in cooperation with International Labour Organisation (ILO) had taken an initiative to prepare a "Labour Market Information System and Analysis (LMIS&A). The main objective was to develop and consolidate the collection and usage of labour market information in the country, official said here Sunday. Official said the project, in the first phase, had been launched in Faisalabad which was expected to complete within three years at a cost of Rs. 64.73 million. The amount US $ 0.6 million had been sponsored by the UNDP though ILO to acquire the service of international consultants to implement the project, he added. Official said the labour market information system is a pre-requisite for effective programme to promote employment, manpower planning and development. He said it would provide for co-ordination mechanism between Federal Minister for Labour and Provincial Labour departments. The project envisage collection, analysis and dissemination of quantitative as well as qualitative information on past and current labour market situation; the skill requirements for future trends and out looks in labour market, the official said. He said this information will be useful for a wide range of users. For this purpose, he said Faisalabad has been selected as a pilot district. After establishing a perfect labour market information system in Faisalabad, this will be replicated in all other districts. The official said latest concepts and most modern techniques are being used under this project. Contrary to the traditional and outdated methods presently being used for conducting labour force survey, the latest concept of key indicators for labour market will be applied for collecting information which will be analysed using the latest computer software. These internationally recognised standards will produce fruitful results which will help the policy makers in devising proper strategy to meet the current challenges of unemployment, he added.