The inclusion of experienced private sector industrialists in the newly established Punjab Economic Transformation Committee could help accelerate industrial growth, investment and exports in the province, according to Muhammad Ali Mian, former President of the Lahore Chamber of Commerce and Industry.

In a statement issued on Tuesday, Mian described the establishment of the committee as a timely step aimed at promoting economic growth and industrial development in the province. He said that if experienced industrialists from the private sector are included in the forum, the committee can play an effective role in fostering industrial growth, investment and exports in Punjab.

He noted that Punjab is the largest province in Pakistan's economy, contributing approximately 55-60% to the national GDP, while also playing a significant role in industrial production and exports. In this context, he said, the formation of a coordinated provincial-level economic strategy is a pressing necessity, and the Economic Transformation Committee can serve as a vital platform to achieve this goal.

"Punjab is the largest province in Pakistan's economy. If experienced industrialists from the private sector are included in the Economic Transformation Committee, this forum can bring real change in industrial growth, investment and exports across the province," said Mian.

He explained that if the committee undertakes a scientific analysis of the province's economic potential through district-level economic mapping and establishes industrial clusters according to each region's industrial expertise, it could significantly boost industrial production and exports. International experience indicates that establishing industrial clusters can reduce production costs by 10-20% and enhance competitiveness.

Mian noted that Pakistan's current total exports are approximately $30 billion, with the textile sector alone contributing $16-18 billion. By promoting value addition, modern technology and industrial clusters in Punjab, exports from the province could increase by $5-10 billion over the coming years.