President ICCI urges industrial competition

By Ajmal Khan Yousafzai

ISLAMABAD: President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Yasir Ilyas Khan Tuesday said skilled human capital resources, competitive industrial sector and connection with global value chains such as China were the only way forward for Pakistan economy to get more benefits from China Pakistan Free Trade Agreement (PCFTA).
He was addressing a seminar on “Bilateral Safeguards under China- Pakistan FTA and Trade Remedial Measure,” organized by the ‘National Tariff Commission (NTC)’ here.
He said that China was a large economy and to benefit more from PC-FTA, the local industrial sector must be prepared and aware about the items and tariff lines agreed in bilateral agreement between the two sides. Sardar Yasir said that there was further need to bring more investment from China in different sectors for industrial growth and economic turn around in the country. He said that China Pakistan Economic Corridor (CPEC) was the biggest opportunity and infrastructural, industrial sector and Agricultural development in the country.
The president ICCI proposed that the Joint Ventures (JVs) and more contribution of local skilled and unskilled labor would not only benefit the local economy but also enhance the skill of local labor.
He said that protection of the local industry must be the priority to increasing the industrial growth for enhancing export and led towards export led-growth. Sardar Yasir said that Pakistan had great potential to enhance agriculture productivity and the government should focus on the Agricultural sector to utilize required potential in the sector.
He said that Pakistan had a potential of worth $ 100 billion of export to enhance the value addition in the sector and also would establish the agro- industry in the country.
He said that “We need to evolve short, medium and long term strategy to set economic goals for the industrial and agriculture growth for evolving competitiveness in the local economy.