Special assistant to prime minister on institutional reforms and austerity Dr Ishrat Hussain has recently advanced a profound argument while speaking at a Karachi Chamber of Commerce and Industry (KCCI) webinar. He argued that Pakistani businesses should diversify out of sunset industries, those that are past their peak and in decline, and invest in sunrise industries, those that are new and growing. He was also quoted as saying by media reports that Pakistan should take advantage of the rapidly growing market for commercial services, especially Information Technology (IT) and IT-enabled services, and also try and integrate itself into the supply chains of China and other dynamic Asian markets.
Whatever Dr Hussain has said stems from his impressive education background and very long experience as an economist; hence the need for accepting whatever he has said without raising any doubt or making any reservation. But I wish to make the following point: the country can still increase its manufacturing output with the help of the existing sunset industries. This objective can be achieved with a right set of short-, mid- and long-term government policies. Sunset industries are still useful. In my view, there’s no need to change sunset industries; we need to change “sunset thinking”.
MOHSIN QIDWAI (KARACHI)
Copyright Business Recorder, 2021
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