Islamabad, Aug 20: For Pakistan’s economy to thrive sustainably, Federal Minister of Commerce Jam Kamal Khan stressed on Tuesday the need for reform and expansion in the gem and jewelry industry.
During a crucial meeting with the Sectoral Council for Gems and Jewelry, Federal Minister for Commerce Jam Kamal Khan reiterated the government’s commitment to reviving Pakistan’s gem and jewelry industry, according to a news release released here.
Senior representatives from the public and business sectors convened electronically with the aim of augmenting the sector’s export potential and harmonizing with Prime Minister Shehbaz Sharif’s plan to establish this billion-dollar industry as a pillar of Pakistan’s economy.
Minister Jam Kamal emphasized the Prime Minister’s proactive involvement in the business, pointing out that PM Shehbaz Sharif has personally called three or four meetings in the last several months to discuss the prospects and problems facing the sector. The Minister reaffirmed the government’s commitment to this area and emphasized that, in order to ensure the effectiveness of policymaking, input from stakeholders in the private sector must be prioritized.Salman Hanif, the Council Chairman, identified modifications to SRO 760 in particular as a major regulatory impediment preventing the industry’s expansion during the meeting.
In order to realize the sector’s full potential, Hanif claimed that it should be regularized. He emphasized that the industry would find it difficult to meet its export goals if these regulatory obstacles were not resolved.
The council members received assurances from Minister Jam Kamal that their suggestions would be carefully taken into account. He reaffirmed the Ministry of Commerce’s dedication to creating a thorough plan that would cover the whole value chain—from mine to market.He mentioned that the private sector will provide substantial input into the strategy’s formulation and that it would be submitted to higher forums for policy approval.
Minister Jam Kamal said, “Our policies and infrastructure plans may not align with the ground realities without the private sector’s insights.” In order to increase business and exports, he also stated that the government is dedicated to building confidence among private investors.
The council members brought up a number of topics, such as the requirement for banking channel improvements and the clause-by-clause revision of SRO 760. In response to these worries, Minister Jam Kamal asked the council for a detailed plan of action and a roadmap within a week, with the goal of completing a strong proposal in time for the upcoming prime ministerial meeting.
Salman Hanif expressed hope that these measures might greatly strengthen the industry and commended the Minister for his vision and support of the sector. The Minister also promised that committed ministry personnel would collaborate closely with the council to finish the idea and that the council would be included in future high-level conversations.
