It feels good to hear that the Government is taking new steps to revive the economy of Pakistan and Military forces are taking the lead in it. President Lasbela Chambers of Commerce and Industry (LCCI) applauds this major development that can change the course of Pakistan economy in the next five years.
A special investment council is being established that will generate civil-military business ideas in the fields of defence, agriculture, information technology, health, and sciences etc. the council will not only be restricted in domestic investment but will joint hands with foreign investors belonging to Pakistan biggest and oldest alliances. The project is said to be larger than CPEC and its impact on Pakistan’s Economy will be far greater than the former investment plan. Ismail says the coordination and single window interface lead by military will be the source of stabilization of the investment council.
The civil-military investment council is said to establish 15-20 million direct employment, 75-100 million indirect employment. And an import substitution of 70 billion dollar but importantly the council will bring in the direct investment of 100 billion USD. This council will prove to be game changer for Pakistan in the years to come and it will bridge the gap between public and private business community with the military and will create a strong bond that will generate hundreds of new investment avenues of the country says President LCCI.
On Behalf of Lasbela Chambers of Commerce and Investment, I would like to clarify that mineral industry if far beyond petroleum division. It is a sector on its own that comprise of many metallic and non-metallic minerals serving applications in thousands of chemical industries I request the government to treat mining and minerals industry separately in this council. The revenue will multiply by three folds if only one sector of minerals to chemicals is included for investment says president LCCI.
Ismail states that Pakistan is blessed with bounty of 92 minerals but unfortunately, they are being wasted away in exports while our neighbouring countries are making a fortune from its value addition. I fear that all the reserve will exhaust soon as it seems by the swiftness in exploitation and exporting of raw material. It is necessary that we create mineral value-addition in the country to marginalize the export of raw material introduce new chemical products in the export market. A single mineral beneficiation can cater atleast ten chemicals’ industries as a raw feedstock material that will be used in hundreds of end user applications. A single industry will create hundreds and thousands of employment opportunities and will be a cause of major import substitution as well as export enhancement.
President LCCI shed light on his own work that Lasbela Chambers is working on multiple mineral value-addition processes under Minerals to Chemicals Committee and is underway of the establishment of its first novel project in Pakistan. Moreover, with a joint collaboration with Trade Development Authority of Pakistan the committee has drafted a proposal for Pakistan’s largest functional Minerals processing research lab, but the chamber is struggling with many bureaucratic hurdles for its investment says Ismail.
I would like to request the Government and military leadership to include Minerals to Chemicals, a sector of investment in this esteemed council. I am certain that it will be proved to be fruitful in the years to come. He further elaborates that if we wish to get out of this economic turmoil and trade deficit then we must first cut down our import consumption of chemicals and manufacture these chemical products domestically.
The special investment council is a light for business community in these dark times when we are trying to control the production cost to meet the local and international market requirements. I personally appreciate the government and the military leadership for taking a major step for the revival of Pakistan’s economy and hope that the management will take into account the request made by LCCI for incorporating minerals to chemicals sector in the investment council as well as involve private sector to bring the project to accomplishment.
We hope that our joint efforts with the special investment council will bring in new vistas of investment and will steer the economy towards a more flourish and egalitarian Pakistan.