Government is determined for industrial development: Minister Makhdoom Syed Murtaza Mahmood

ISLAMABAD: On Sunday, Makhdoom Syed Murtaza Mahmood, Minister for Industry and Production, paid a visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).                                              Speaking at the event, Makhdoom Syed Murtaza Mahmood declared that the government is committed to the development of industry. He claimed that the country’s industrial development is being supported by budgetary measures. The minister also met with FPCCI President Irfan Iqbal Sheikh to discuss strategies for advancing the nation’s small and medium-sized businesses. Irfan Iqbal Sheikh, who spoke at the event, emphasized the importance of industrial development for achieving rapid economic growth.

He said that industrial development will help in increase of export curtail imports and generate employment opportunities for the people.

He said that whenever we borrowed from the IMF, our GDP growth decreased instead of increasing and also become a reason for other economic hardship.

He said that present century is the century of economy and economically strong nations will rule the world.

He said that it takes time for SMEs to quickly integrate and align with larger industrial units and urged the need of proper financing and facilities to SMEs.

President FPCCI also suggested to allocating special space for SMEs in special economic zones, besides providing skilled and technical education.

He urged the government to ensure the provision of special facilities and interest-free loans to promote SMEs in rural areas to curb migration toward the major cities.