Privatisation and Investment Minister Dr Abdul Hafiz Shaikh has emphasised the need that business community should decide in which sector it wants to invest that gives good return.
Speaking at the concluding session of First Pakistan Industrial Conference organised by Site Association of Industry (SAI) at a local hotel, he said that it was not the job of the government to direct investors to invest in such and such sector.
He said that the government has a role to play in providing facilities and better environment for investors but not to direct them to invest in particular areas.
He said that business community is a better judge to see which sector is likely to grow fast.
Referring to telecommunication sector, he said that some years ago nobody thought of investing in this sector. People applied for telephone connection and would run after high officials to get connection. Getting telephone connection took years and years.Hafiz said that now people get telephone connection in no time. Telephone companies also running after consumers and offering them various facilities.
He said likewise one of the multinational companies operating in 140 countries was getting highest rate of return in Pakistan by just marketing milk.
Likewise, banks had made tremendous progress after de-regulation and privatisation, he said
He noted that people still felt difficulties in getting gas and power connections due to monopoly that did not let this sector to work.
Earlier, addressing the industrial conference, Dr Salman Shah, Advisor to the Prime Minister on Finance, Revenue, Economic Affairs and Statistics said Pakistan needed 21st Century reforms and not 18th Century reforms to make progress in all sectors of life.
He pointed out that Pakistan is among 10 top countries of the world that make remarkable economic reforms but there is room for improvement. Reforms are still not perfect, he added.
He said that Pakistan must analyse world market and added that Pakistani products should be competitive to meet world competition. Shah said government alone can not develop infrastructures. Private sector should enter this area in collaboration with government.
He said that the government of Pakistan should continue de-regulation and down sizing government departments.
Giving example of Bangladesh, he said that when that country exports huge qualities of garments why Pakistan, that is an agriculture country, can not export more than BD. He said that Pakistan has invested huge sums in its universities to improve quality of education and produce 1500 Ph Ds.
He said that the government was also trying to improve implementation of justice, making reforms for early judgement in cases.
Dr Akram Shaikh, Deputy Chairman, Planing Commission of Pakistan, said that the government has planned to invest 5 to 6 billion dollars in development of infrastructure in the country.
He said that under the plan the government would develop roads network, improve railways, develop expressways linking industrial estates etc. He said that the government was also planning to set up large industrial estates in the country with all infrastructure facilities.
He advised investors to invest in the interior of the country, as establishing industrial units in big developed cities was no more encouraging. He noted that employment in agriculture sector was declining due to mechanisation in this area, and added that establishing industrial units in rural areas would create jobs near their home.
He emphasised the need of enhancing technical and educational qualities of workers. At present, 50 percent workforce in textile sector is un-educated. Some of the technicians were running industrial units, he added.