The word 'industry' comes from the Latin word 'industrial which means the tendency to work persistently which is synonymous with the word 'diligence'. In business terminology, it means that the manufacturing and productive enterprises in a particular field, country, region or economy are viewed collectively or one of these individually such as the sugar industry, auto industry and cement industry.
According to Collins dictionary 'Industry is the work and processes involved in collecting raw materials, and making their products in factories. On the other hand, the Cambridge dictionary defines the word Industry in these words: “The companies and activities involved in the process of producing goods for sale, especially in a factory or special area. 'In the words of Britannica Encyclopedia Industry is a group of productive enterprises or organizations that produces or supply goods, services, or sources of income.
Actually many people think of industry as the collective large scale manufacturing of goods in well-organized plants with a high degree of automation and specialization and it is true also. If one surveys all definitions of industry in the Economics and business literature, he will conclude that: “An industry is a group of manufacturers or businesses that produce particular and same kinds of goods or services. For example, textile industry spin, weave, fabricate and sell cloth. The tourism industry includes all the commercial aspects and facets of tourism as well as the sugar industry and cement industry comprised of all the firms collectively which produce sugar and cement respectively.
In the economic development of any country industrial sector plays a pivotal role. It is the industry of America, China and Japan which has made these countries no one, two and three economic power of the world respectively. The industrial sector plays a paramount role in the provision of consumer goods, capital goods, strong defence weaponry, employment opportunities, self-reliance, high foreign reserves and higher quality of life.
China Pakistan Economic Corridor (CPEC)
Pakistan is a developing and agrarian country and its industrial sector is also in the developing phase. From its inception, Pakistan is striving hard to build a strong industrial base. There are many types of industries in Pakistan, especially the cloth industry, sugar industry, cement industry, Pharmaceutical industry, iron industry, vegetable oil industry and sports and surgical instruments industry. Most of these industries are export-oriented. Now we describe in detail the important industries of Pakistan.
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| CPEC |
China has established important joint ventures with Pakistan in the economic and defence sectors. Such collaboration reached unprecedented proportions under the china Pakistan Economic Corridor (CPEC) linking Gwadar with China. This holds great economic and strategic benefits for China. On the other hand, Pakistan will receive investments worth over $60 billion that are transforming its infrastructure, energy sector and industrial development. CPEC is described as a game-changer for Pakistan, but China will also derive long-term advantages from it. Such mutually advantageous collaboration best ensures a durable and thriving bilateral relationship. It is important for both sides to do everything possible to ensure the speedy implementation of CPEC projects. China has some concerns about the route's security, whereas some circles in Pakistan have concerns about the negative trade fallout and over-dependence on China. These concerns should be handled through candid dialogue. Pakistan-China relations are poised to go from strength to strength, particularly in the background of the strategic ties that have developed between the USA and India.
Importance of Corridor in Future
CPEC is not merely a trade agreement; rather it will enhance strategic, political, cultural and social relations between China and Pakistan. CPEC has become the locus of Pakistan's state policy in recent years and all the politics of the ruling class revolves around this project. Megaprojects like CPEC are usually carried out to uplift the living standards of the common masses but in the real sense the traditional ruling elite tailor such projects to serve their own interests. CPEC seems to be beneficial for Pakistan in terms of Foreign Direct Investment (FDI)and infrastructural betterment in the short-run but it seems to be a challenge for Pakistan's local production, its exports, remittances, increase in debts, provision of security to CPEC and partiality towards China in the long-run. CPEC would increase the interconnectivity of the region which would obviously help underdeveloped and developing countries like Pakistan to strengthen their economies. Regional integration would also help Pakistan to address its security challenges. CPEC would help Pakistan train its labour force according to modern trends. Pakistan's geographic importance would increase further because it will become the focal point of China's trade with the Middle East, Europe and Africa.
Industrial Potential: There is a huge industrial potential that has been clearly indicated in the Long Term Plan (LTP). According to the LTP, the country has been divided into three important zones. These zones are the Western and Northwestern zone, the Central and the Southern zone. Each zone is specified for specific industries in designated industrial parks. The Western and Northwestern zone which covers most of the province of Baluchistan and KPK provinces has been specified for mineral exploitation and extraction. This region has significant potential in chrome ore, gold and copper reserves but they are still at the stage of exploration. These valuable metallic mineral resources could be extracted by investing in relevant mechanical equipment to attain a huge bulk on daily basis. Marble is yet another valuable non-metallic mineral resource in the zone. Previously, China has been one of the largest importers of processed Pakistani marble, at almost 80,000 tons per year.