LAHORE: Prime Minister Imran Khan said on Tuesday that the nationalization in 70s had a detrimental effect on the country’s economy which it never recovered from.
“I should have given the industrial package during the start of my tenure. No country can progress by exporting food items. Manufacturing is important to hit the desired milestones” he said in a ceremony. “Unfortunately the nationalization in 70s had a detrimental effect on the economy. And we never rectified it.
The industry can never progress when a government starts making policies against profit-making, the socialist mindset navigated the country in the wrong direction, he said.
“We focused on industrialization since day one,” Prime Minister Imran Khan said. “We never had long-term planning to sustain the economy. We are focusing more on small and medium level industries.”
PM Imran said that the ease of doing business index will be higher for Pakistan in the coming days, adding that the government has incentivized to revive the sick industries of the country. The premier said that a tax holiday for as many as five years will be given to the overseas Pakistanis if they invest in the country’s industry through joint ventures.
“The country will take off in industrial terms when the overseas Pakistanis start investing in the country through their skills and capital. All they need is confidence to invest in the country,” he added.
China and India in the 90s asked their overseas residents to invest in the country as they opened their economies. The premier said that the IT industry should have been incentivized to attract foreign resources. “We have to announce boot camps for the IT professionals,” he said.
PM Imran expressed his hope that the country’s business community would help the country to build its economy.