Minister Sounds Alarm at Industry Summit, Manufacturing Sector is Shrinking

Balaclava, February 13th – The nation’s industrial landscape is facing a serious crisis, the Minister of Industrial Development, Small and Medium Enterprises and Cooperatives, Aadil Ameer Meea told the Assises de l’industrie at the Maritim Hotel.

The event, where industry leaders, experts, government representatives, and economic players met, served as a platform to discuss current challenges and find solutions to boost the sector.

Minister Meea highlighted the need to re-evaluate the manufacturing sector. After preliminary discussions with stakeholders, he said, the reality of the situation is “not as rosy” as one might think.

He also emphasized the fact that the industry has shrunk and real exports decreased, which is a cause for concern.

He stated that the sector has contracted in the last decade and real exports have dropped significantly.

According to him, Foreign Direct Investment has also decreased and there is no sign of new growth to take industrial development to the next level.

He mentioned that the country heavily depends on a few traditional sectors.

Based on figures released by Aadil Ameer Meea, the manufacturing sector currently employs 89,000 people, and its production in 2022 amounted to Rs 1.76 billion.

Source: l”Express