Prime Minister Imran Khan Promised On Friday The New Year Would The Year Of Economic Growth As He Backed The Chinese Model
Prime Minister Imran Khan promised on Friday the new year would the year of economic growth as he backed the Chinese model for the development of the country and pulling people out of poverty in a short span of time. The prime minister performed the ground-breaking of a $100 million automobile manufacturing and assembly unit that besides the regular models would also produce electric vehicles. As investment from China, the MG Motors company will start local production in Pakistan by mid-2021.
Stressing that the country was already moving in the right direction, Imran told the ceremony that essential industries had increased productivity. [Year] 2021 will be a year of economic growth,” the prime declared. Giving examples of the construction and the textile sectors, Imran said increase in cement sales was a clear sign that “construction activity is on the rise”, adding: “The textile industry too is producing at full capacity for the first time in many years that even resulted in a shortage of labour in the sector.” “The government’s policy for the new year is very simple,” he said. “We have to make business-friendly policies. We have to help our industry that has been previously neglected and have to incentivise it. The wealth that will be subsequently generated will be used to eradicate poverty.”
Imran hailed China as Pakistan’s biggest ally in industrialisation, saying that China was supporting Pakistan in achieving its goals of economic prosperity through industrial development. “Pakistan can learn a great deal from China, as its economic model the best suited to us,” he said. “China developed its industry, established economic trade zones and attracted foreign investment to generate wealth, which it ultimately spent on poverty alleviation,” he said. “Pakistan is also pursuing a similar vision, in which the real development is the uplift of the poor.” Imran regretted that no government had tried to boost exports in the past 50 years. “This is why we have to go to International Monetary Fund – when our imports outweigh exports and create a current account deficit.”
He expressed his desire that the Chinese industry was re-located to Pakistan, from where the products could be exported. He said Pakistan was also working with China in agriculture, particularly seed development and productivity increase. “Pakistan will continue to carry out joint ventures with the Chinese companies in the future in all areas,” he said and mentioned that in the next phase of the China-Pakistan Economic Corridor (CPEC), agriculture sector would figure prominently. Referring to the MG vehicles in Pakistan, Imran said the ripple effects of the foreign direct investment would reach to the connected industries, and generate employment. In the first phase three SUVs would be launched – the MG-HS, MG-ZS 1.5 and a fully electric vehicle MG ZS EV.