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Pakistan sets bold industrial revival plan to boost exports and cut imports

ISLAMABAD – The government has finalized a new industrial policy to revive Pakistan’s struggling industrial sector. The Prime Minister’s Committee on Industrial Policy approved key reforms in a recent meeting chaired by SAPM Haroon Akhtar Khan. The policy focuses on increasing exports, reducing imports, and helping small businesses grow. Officials said the industry’s share in GDP fell from 26% in 1996 to just 18% in 2025.

To tackle this decline, the State Bank will issue new rules to help sick industries recover. The government plans to cut corporate tax from 29% to 26% over the next three years. Reforms to important laws like the SECP Act and Income Tax Ordinance are also underway. These steps aim to support investors, create jobs, and stabilize the economy. Banks will also use forecasting tools to detect early signs of factory distress.

The new policy will shift focus from textiles to sectors like chemicals, IT hardware, pharmaceuticals, and renewable energy. It encourages local production to replace imports and aims to grow value-added exports. Ten new sub-committees will oversee the reforms and deliver quick results. The government also wants to support underdeveloped regions like Balochistan and southern Punjab through Special Economic Zones.

Small and medium enterprises (SMEs) will get better access to finance, technology, and training. The policy promotes automation, research, and clean energy in factories. Officials stressed that sustainable, eco-friendly production is key to long-term success. The government hopes this shift will build a strong and modern industrial base.

However, big challenges still remain. These include energy shortages, high power prices, red tape, and weak infrastructure. Stakeholders at the meeting said policy instability has scared away investors. Haroon Akhtar Khan called the policy a “game-changer” and urged fast implementation to avoid delays.

Filed Under: Business, Pakistan Tagged With: Latest, new industrial policy, Pakistan, Pakistan’s struggling industrial sector

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