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Industrialization is pivotal for changing country’s economy: PM

Industrialization is pivotal for changing country’s economy: PM

ISLAMABAD: Prime Minister Imran Khan said that government was still facing a trade deficit in the country’s economy and efforts were underway to reduce deficit.

Addressing an exhibition on business reforms in Islamabad on Thursday, he said that the government will facilitate the businessmen in wealth creation for overall improvement of economy, adding that more wealth creation leads to more share in the form of taxes that ultimately plays a role in development of the economy.

Imran Khan said that his government was facing economic challenges, adding that the experts efforts in terms of ease of doing business are praiseworthy.

“Industrialization is pivotal for changing the economic lot of the country,” he said and added Pakistan made huge progress due to industries in the past.

The prime minister said with higher revenue collected from taxes, the government can launch projects on poverty eradication and social welfare.

He said: “Despite having a narrow fiscal space, the incumbent government launched a large social welfare program titled Ehsaas, under which various projects are being launched for poverty alleviation and welfare of public.”

The PM said that we cannot invite investment unless foreign investors have trust on governance and justice system in the country.

He said Pakistan was among the fasted developing nations in 1960s due to efficient bureaucracy and governance. However, our society declined over the subsequent years due to corruption, bad governance and weakening of institutions.

Terming youth of the country as a great asset, the Prime Minister said programmes have been launched the harness the potential of this important segment of population for growth of economy. He said similar efforts are afoot to bring the women in mainstream.

Imran Khan said that efforts were being made to bring the women into the mainstream, adding that Chief Justice of Pakistan (CJP) is committed to improving justice system.