ISLAMABAD: Minister for Commerce Jam Kamal Khan, here on Wednesday, said that the Ministry of Commerce is reactivating 16 sectoral councils to prepare comprehensive plans and policies for industrial development and trade promotion in the country.
Addressing the 7th Pharma Export Summit and Award 2024, the minister mentioned that the suggestions from the sectoral councils would be presented to the export development board, headed by the Prime Minister, for their swift implementation.
He added that each sectoral council would have its own secretariat to determine ways and means and take measures to enhance trade and industrial activities in the country, noting that such initiatives would also help promote the local pharmaceutical sector.
He emphasized that the pharmaceutical industry plays a pivotal role in the country’s economic growth and development, and the government is fully committed to supporting the sector’s development, adding that sufficient resources were available for economic progress and social prosperity in the country.
The government is formulating comprehensive policies to address the issues faced by the local pharmaceutical sector. He highlighted that public-private partnerships are vital for making the local pharmaceutical industry more competitive in the international market.
He noted that local pharmaceutical exports registered about 13 percent growth during the last financial year, underscoring the industry’s critical role in the international market. He assured that the government’s firm support for the progress of local pharam sector.
The minister pointed out that due to the focus on a few sectors, all other sectors were ignored, and now it is essential to concentrate on those sectors with the potential to excel.
Jam Kamal stated that restoring investor confidence is a significant challenge for the current government. He reaffirmed the government’s commitment to taking measures to restore the confidence of local and foreign investors and to address the issues they face in attracting trade and investment in the country. The government is also determined to remove all bottlenecks in the development of local trade and investment, with long-term policies being developed to achieve sustainable industrial growth.
