Industrial production improves

Industrial production improves

The country's industrial production is likely to increase from 6 to 6.5 per cent by the year-end despite the numerous challenges, says a Ministry of Industry and Trade (MoIT) forecast.

To achieve this figure, top priority would be given to mobilising and utilising investment capital effectively as well as fully exploring local production capacity and market demand, MoIT said,

The ministry laid emphasis on a policy on incentives to attract more foreign investment and boost domestic production in the areas of support industry, mechanical engineering, agriculture, chemicals, and light industry.

Balancing the supply and demand of essential goods such as electricity, coal and petroleum would be also essential, it said.

According to MoIT, the nation's industrial production was witnessing improvement, with a growth of 5.8 per cent seen in the first half of this year, higher than last year's 5 per cent rise.

During this period, the electricity production and distribution sector posted the highest growth at 10.9 per cent. It was followed by the processing and manufacturing industry at 7.8 per cent and water supply, sewage, waste management at 5.9 per cent. However, the mining and quarrying sector fell by 2.5 per cent.

Among industries recording high growth rates in the period were rolled electronic components, textiles and garments along with leather production, footwear, machines and equipment. Shipbuilding also recorded high growth.

Thanks to the rise in consumption, the number of workers recruited in industrial production firms, as of June 1, saw an increase of 0.8 per cent against the previous month. The rise was 2.7 per cent as compared with the same period last year.

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