ISLAMABAD: In order to increase the country’s exports, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Tuesday directed the concerned stakeholders to expedite the process of establishment of 1,000 industrial stitching units (ISUs) in the country while engaging the private sector.
He made these directions while chairing a meeting to review progress over the establishment of 1,000 ISUs to be established in the country to enhance self-employment and to improve the socioeconomic condition of the people.
The meeting was attended by Chief Economist, Member Oil and Gas, representatives from Small and Medium Enterprises Development Authority (SMEDA) and the Ministry of Industries.
It is noted that Pakistan’s SMEDA will set up 1,000 ISUs under different phases of the Public Sector Development Programme (PSDP). In the first phase, 150 such units will be established in three years. The key objective is to upgrade the garment industry by subsidizing machinery, employment for skilled and export promotion through value addition.
Smeda, APTMA agree to set up 1,000 stitching units to increase exports
The meeting was informed that 93 ISUs have been established in Pakistan which includes 58 in Punjab, eight in Sindh, 15 in KP, 11 in Balochistan, and one in GB. Total 1,208 jobs have been created through ISUs which includes 112 in Punjab, 134 in Sindh, 179 in KP, 74 in Balochistan, and 10 in GB, while 68 percent sales have been increased through the first phase of the project.
The minister said that sustainable economic growth is possible only through increasing productivity that leads to more exports and higher economic growth. The top priority of the government is to increase the country’s exports while following the policies of exponential growth, said the minister, while urging the private sector to come forward and play their role.
The government will fully facilitate them while filling the missing links and to ensure the quality of equipment, said the minister while directing the relevant stakeholders to formulate a comprehensive plan in one week.
Copyright Business Recorder, 2022