Industry occupies a key position and significant role the development of a country.

Its development raises national income, creates employment opportunities and improves the balance of payments position both by producing exportable goods and by substituting imports, but also supports and stimulates development in other sectors of the economy.

As the country possesses the requisite natural and human resources for industrial growth, the industrial policy would continue to be directed towards increasing the share of the manufacturing sector in the total economy.

Emphasis would, however, increasingly be a shift towards deepening the industrial structure through an increase in the weight of high value-added, more sophisticated engineering, chemicals and other basic industries.

With a view to fostering healthy competition in all industrial activities between the public and private sectors, the government would continue to maintain the existing policy of equalizing the conditions and environments and access to financing for both these sectors. The “cost plus” pricing (formula) on which some of the existing industries are based will be avoided as far as possible in setting up new industries.

The government would continue to focus its efforts towards improving the technical and financial performance of public sector enterprises through suitable administrative and institutional measures.