Industrial sector grows despite shocks

ISLAMABAD (APP): The Industrial sector despite shocks and challenges witnessed growth during the past three years due to prudent and timely policies of the present government. According to Ministry of Industries and Production statement released by the Ministry highlighting its performance during the last 3-year of PPP led government said that the elected government of PPP, soon after coming into power, in March 2008 introduced a 9 Point Economic Agenda for accelerated economic development of the country which included Macroeconomic stabilization, Social development, Agricultural growth, Industrial Competitiveness, Human Capital Development, Energy, Capital Markets, Public-Private partnerships for infrastructure and an Institutional/ Administrative Reforms. These 9 points, the Ministry said were the pillars of the governments Poverty Reduction Strategy. It added that based on the aforesaid 9 points, the Ministry of Industries and Production formulated a new Industrial Strategy for sustainable and broad-based growth of the sector. The statement added that the main features of this new Industrial Strategy were to ensure economic recovery consistent with stabilization, to maintain momentum of agriculture growth together with support Policies for revival of industries, to address critical infrastructure gaps in water, power and transport for enhancing competitiveness, to achieve Millennium Development Goals and reduce poverty through a comprehensive social protection system with an exit strategy, to facilitate balanced development in the country by reducing regional disparities and rehabilitation and reconstruction of conflict affected areas. The Ministry said that the major achievements of the MoIP and its subsidiaries under the present government from March 2008 to March 2011 were that the role of SEC was re-defined by the present government to make it a vibrant organization. The overall performance of SEC group of companies has satisfactorily improved during the last 3 years. The high level of sales turnover amounted to Rs.216 millions against previous year of Rs.124.8 millions thus registering an increase of 73pc. These SEC groups of companies include Pakistan Engineering Company (PECO) Lahore, Pakistan Machine Tool Factory (PMTF) Karachi, ENAR Petrotech Services Karachi and Heavy Electrical Complex (HEC) Hattar. The Ministry statement added that SEC units made a number of achievements towards self-reliance and import substitution of high value added engineering goods, as are being highlighted here: PECO Lahore has enhanced its capabilities for producing a range of irrigation pumps and electric motors through invigorating its facilities. The PECO also upgraded CNC Machining and Galvanizing facilities through foreign partners to improve quality of products. PMTF Karachi has achieved an excellent development process, initiated through in house R&D efforts, for producing Computerized Numerically Controlled Turning Centre (CNC Machine Tools) has successful results. The company is now in a position to supply these machines on commercial basis. It has thus entered into a new era of technological advancement through first time development of CNC Turning Centre in Pakistan. The PMTF has also successfully developed Stone Cutting Machines through R&D efforts after observing foreign manufacturing facilities and saved substantial foreign exchange. The PMTF has now received orders worth Rs 82 million. ENAR Petrotech Services is another unit of SEC which has played a vital role in development of oil and gas sector of the country. It has been involved in major projects such as NRLs Revamps, OGDCLs Dakhni, Uch & Qadirpur Gas Processing Plant Projects, PARCOs White Oil Pipeline Project and PARCOs Mid-Country Refinery, OGDCLs Qadirpur Compression Project etc. The Statement of the Ministry of Industries and Production said that in view of the of significance of Qadirpur Interim Compression Project ENAR workforce has put concerted and extraordinary efforts which resulted in timely completion of this project of immense national importance. It thus contributed towards meeting the energy supply-demand gap. The HEC Hattar developed new power transformers of 40 MVA capacities besides re-designing of its old 20/26 MVA power transformers bringing it more economical and competitive.