Govt to boost gems sector with reforms, industry status

ISLAMABAD: The Pri­me Minister’s Steering Committee for Gemstones approved a series of refo­rms on Tuesday to revitalise the sector, with a key decision to bring the industry under the Ministry of Industries.
The meeting, chaired by Minister for Privatisation Abdul Aleem Khan, inclu­ded stakeholders such as federal ministers, secretaries, senior officials and private sector representatives. They discussed in detail the proposed reforms for the gemstone industry.
According to the sub-committee’s recommendations, the sector will be giv­en formal industry status once it is officially linked to the Ministry of Industries.
“We are moving forward with the cooperation and inte­grated efforts of both the government and the pri­v­ate sector to promote the gemstone industry,” Mr Khan said during the meeting.
He emphasised that linking gemstones with the Min­istry of Industries would lead to faster decision-making and implementation of initiatives that would not only develop the sector but also boost exp­orts and foreign exchange earnings. He stressed the significant potential of the gemstone sector in strengthening the country’s economy.
The steering committee’s chairman highlighted that the gemstone industry held substantial importance, and final approval on the reforms, as well as other related matters, would be sought from the prime minister.
The committee also discussed improving infrastructure and providing a better platform for the gemstone sector. This includes consultations with Federal Minister for Petroleum Mu­s­­adik Malik, Minister for Commerce Jam Kamal Khan and Minister for Indu­stries Rana Tanveer Hussain.
Published in Dawn, September 11th, 2024