By Ali Imran
ISLAMABAD: Prime Minister, Adviser on Commerce and Investment, Abdul Razak Dawood on Monday said the Large Scale Manufacturing (LSM) sector grew at 16 years high level of 14.85 percent in FY 2021.
The de-industrialization that was taking place in Pakistan has now been reversed and this has been made possible government’s pro-industry policies, the Adviser said this on his official twitter account here. Razak Dawood said the growth was led by Textiles, Food, Beverages, Tobacco, Petroleum, and Pharmaceutical, Chemical, Mineral, Automobile, Fertilizers and Iron and Steel products.
Earlier on Sunday, Dawood expressed the hope that by the last fiscal year 2023 of the current government, country’s exports would reach at $50 billion by following the policy of trade diversification in potential trade sectors and markets.
Export diversification, focus on non-traditional sectors and increasing exports to new markets, including the African market, would not only enhance the volume of the country’s exports, but would also help to achieve the export targets,the adviser told this during an exclusive interview.
‘Make in Pakistan’ is the government’s top priority trade policy, which aimed to introduce Pakistan’s traditional and non-traditional export sectors and local products in the international trade market.
The adviser said that now the export of mobile and motorcycle from Pakistan would be started within the same trade policy. He said the export of these two products to the global market would usher an era of exporting engineering products from the country. He said that at present, the share of engineering goods exports in the global trade market was 51 percent.
