ISLAMABAD - Federal Minister for Industries and Production Mian Manzoor Ahmad Wattoo Wednesday said that government would formulate Industrial Policy within next three months for the first time in Pakistan to address the problems of industrial sector. He said this while addressing a press conference after the ministrys Advisory Councils meeting. He said that recommendations and suggestions for the upcoming budget were discussed in the meeting. He said that all four provincial industrial ministers, two members of the Federal Board of Revenue, Additional Secretary, Ministry of Commerce, high officials of the Ministry of Finance, senior officers of the Ministry of Industries and Production and presidents of all chambers had participated in the meeting. Wattoo said, How industrial sector will make progress, as there is no Industrial Policy in our country. The government has taken the initiative and started formulating the Industrial Policy and a meeting with all the relevant stakeholders in this regard will be held after fifteen days. Wattoo informed that the government had 21 committees since January 2009, which had been preparing recommendations. He also informed that the recommendations had been finalised today (Wednesday) and would be sent to Finance Ministry and FBR for final approval. He said the government has banned the transfers of ownership of the vehicles, which is used up to six months in order to control its black marketing. To control the prices of Auto sector we asked the members of Auto Industry to increase their production and also gave them three months time period to bring proposals how could the prices reduce he added. He also said that if the Auto Manufactures did not decrease the prices of vehicles within next three months, government would take strict action against them. In our recommendations, to be submitted to Finance ministry, we have suggested that Small and Medium Enterprises (SMEs) should be give more importance to the in the upcoming budget, Wattoo said. He said that Northern Areas have demanded for declaring the region as Tax Free Zone and in this regard high officials of the ministry would soon visit the area to assess the situation. The minister said that the representatives of the NWFP government in the meeting asked for declaring the whole of the province as calamity-hit and Tax-Free Zone and the government is seriously considering the proposal.