Investors should establish industrial units: Rana

Lahore: The anti-industry regulatory framework has kept the potential investors away who could have established new industry in the country but they opted investment in real estate, capital market or other sort of businesses for short-term gains.

'Unfortunately our economic managers have not right approach to accelerate industrialisation without which Pakistan can not survive in the longer run', said Engineering Consultant and Founding Chairman of the Pak-China Economic Relations Standing Committee of the Lahore Chamber of Commerce and Industry Siddiq ur Rehman Rana.

Rana, who was the key player in preparing 5-year Pak-China Economic Co-operation Plan to enhance balance trade between the two countries to $15 billion, said, 'I am contesting the LCCI election from corporate class with the objective to execute plan through public-private partnership without further delay.

To a question, he said that under Free Trade Agreement, Pakistan has real potential and can export about 1700 non-traditional items. Fortunately, about 350 commercial value herbs including 56 high value herbs can be exported to China, which is currently importing these herbs from other countries, he added.

He said our businessmen need to change their investment priority because the real estate or capital market are no more viable and profitable in the long-run rather they should set up new industrial units to make the country economically strong.

'It is right time to take rational and prudent decisions to ensure conducive industrialisation environment because growth of industry and Greenfield investment is the solution to present economic crises' he maintained.

Interestingly, no province, except NWFP, has department of Science and Technology that reflects the government priority, he said. He suggested that the government should immediately set up Real Economy Development Boards at district level, which could provide guidance and help setting up of new industrial units in different sectors.