Government to Establish a New Industrial Estate in Islamabad

Posted by: IIPS Category: Daily Insights Tags: Comments: 0

The Government has announced plans to establish a new industrial estate in Islamabad. It aims to promote industrialisation and investment in the country. This project will create job opportunities for the locals and will increase regional exports. The establishment of this industrial estate will provide benefits to the local business community and economy in multiple ways. The industrial sector has great importance in the economic development of a country as it improves the national income and standard of living of the population. The rapid development in the industrial sector enables the country to produce a variety of consumer goods in large quantities and at lower costs.

Given the importance of industrialisation, recently, the government has established three new Special Economic Zones (SEZs) under CPEC. These SEZs are related to the technology and energy sector. These zones aimed to enhance the economic stability of the country and give a boost to industrialisation. The project will generate employment opportunities for about 200,000 people in the concerned area. Industrialisation enables the country to make proper use of its resources. It increases the quantity and quality of goods manufactured in the company, which makes a significant contribution to gross national product (GNP). It changes the pattern of foreign trade in the country by improving the balance of payments due to export orientation and import-substitution effects of industrialisation.

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IMARAT Institute of Policy Studies

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