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FAISALABAD: Pakistan must carve out a new strategy to minimize imports through the development of the import substitution industry on a fast-track basis to overcome the ill impacts of the Russia-Ukraine war on Pak economy, said Engineer Ahmad Hassan, Chairman FCCI standing committees on Research & Development and CPEC.

Addressing the joint meeting of the two standing committees, he said that current global GDP is 84 trillion dollars. “Out of it the share of Russia is around 3.11 percent”, he said and added that this war has created complicated and multiple issues of inflation and supply chain in addition to aggravating the economy related worries of the third world countries.

He said that volatile economies like Pakistan would have to face major issues although; these are not directly linked with this war. He said that Pakistan should minimize its dependence on imports by developing its mother industry consisting of steel and production of machinery at local level.

Engineer Ahmad Hassan said that Pakistan needs dynamic, creative and visionary young entrepreneurs and in this connection, we need a quality business institute like LUMS (Lahore University of Management Sciences).

He said that the R&D committee is contemplating arranging a series of awareness lectures by renowned scholars on young entrepreneurs, human resource, LEAN and solar energy.

About CPEC, he said that Chinese investors are reluctant to set up new hi-tech industrial units in Pakistan under the second phase of CPEC as the government has failed to clear the pending dues of Chinese power houses.

He said that the government must fulfil its legal obligations so that the second phase of CPEC could be accomplished without any delay by 2025.

Copyright Business Recorder, 2022

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