News reel


Friday, March 7, 2014

Thriving industry inevitable for economic progress: Nawaz

Thriving industry inevitable for economic progress: Nawaz

Prime Minister Nawaz Sharif Thursday said that Pakistan’s progress was linked with thriving industry, and the government has been exploring new vistas to provide avenues to the business community for economic progress.
Addressing the inaugural session of the Pakistan Auto Show at the Expo Centre, he said the world exports were spreading over 216 countries but 76 percent of Pakistan’s exports were confined to only 20 countries of the world, adding that the number needed to be enhanced.
The prime minister said the award of GSP+ status by the European Union (EU) was an achievement of the PML-N government, adding the facility would provide access to 90 per cent of the Pakistani products to the EU market at zero tariff. Nawaz said the volume of Pakistani exports would be increased to 1.5 million dollars during the fiscal year 2014-15, saying the government had been working on a comprehensive strategy to expand the exports network.
The prime minister said the government’s task was to provide conducive environment for the businesses to flourish. He said if industry thrives, the whole country prospers. The prime minister said January 1972 was a black day in the economic history of the country when 32 industries were nationalised causing unprecedented loss to the economy bringing it on the verge of disaster within days.
He said the government had inherited broken economy from the previous government and every institution was on the decline, adding the PML-N government had faced the challenges with conviction and did not lose heart at any moment.
“If we lose heart, the country’s economy will face the same situation as has been the case for the last 20 years”, Nawaz stressed. The prime minister said the country was facing many challenges including terrorism, energy crisis and unemployment, asserting that thorough commitment and hard work was required to overcome these challenges. Nawaz Sharif said the government had planned many development projects in collaboration with China and efforts were being made to complete these projects within the tenure of the government.
Regarding energy projects, the prime minister said 660 MW Port Qasim and 2,200 MW civil nuclear plant projects had been launched in Karachi while work had been started on Diamir-Bhasha Dam and Basu Dam which would generate thousands of megawatt of electricity. He said the fourth expansion plan of the Tarbela Dam had been inaugurated which would generate 1,410 megawatt electricity while Neelum-Jehlum transmission line was under construction and it would be completed within the next few years.
Nawaz Sharif said the Punjab government had launched two projects of 1,300 MW, adding the government also planned to work on 2,793 megawatt hydro power projects and 21,000 MW electricity would be added to the system once all these projects were completed.
He said only 16,000 MW capability was achieved during the past 65 years and the PML-N government would add 16,000 MW more electricity to the national grid during the next five years. The prime minister said the Lahore-Karachi motorway would be started this year, adding that the feasibility of the project had been completed.
He said the life of Lahore-Islamabad motorway was 10 years but, unfortunately, no attention was paid even after 15 years by the previous regimes.
The prime minister said projects of 30 to 40 billion of rupees would be completed during the next one and half years while work was underway on the Karakorum Highway, adding that railway track from Karachi to Peshawar would also be upgraded. Nawaz Sharif said the government had finalised seven years projects worth 32.690 billion dollars with China which would attract an annual foreign investment of 4 billion dollar in the country.
Nawaz Sharif said the government was fully committed to improve law and order situation in the country. He said the nation had every right to question the past rulers regarding the sorry state of affairs about electricity and gas. The prime minister also directed Federal Finance Minister Ishaq Dar to hold a meeting with the stake-holders of the engineering industry and resolve their issues. Nawaz Sharif asked the auto show management to follow Geneva and other models for effective auto shows and maintain the same standards.