The Islamabad Chamber of Commerce and Industry has called upon the government to focus on making policies for better development of engineering sector that it has great potential to boost exports in the country.
President, ICCI Khalid Iqbal Malik said that Pakistan was heavily depending on textiles products for exports while the share of textiles in global market was decreasing, said in statement issued by ICCI here on Friday.
He said the engineering goods constituted around 50 percent of the world trade while, Pakistan’s engineering goods share in overall global exports was just 0.0151 percent which was quite negligible.
It showed that the country was losing huge export potential by ignoring engineering sector of the economy.
He said Pakistan could earn billions of dollars of exports by creating an enabling environment for engineering sector.
Khalid Iqbal Malik said that better development of engineering industry was the key to social and economic progress.
He said the need for developing this strategically important sector was universally recognized as the engineering sector has the potential to create immense employment opportunities.
He said all the strong economies have achieved phenomenal progress by developing engineering sector and Pakistan should also pay special attention to this important sector in order to emerge as a strong economy in the comity of nations.—APP