KARACHI: Muhammad Younus Dagha, Caretaker Sindh Minister Finance Planning and Development has urged the export-oriented industries to focus the Research and Development (R&D) to enhance the productivity and quality of the products.
Addressing a reception hosted by Ijaz A Khokhar former chairman Readymade Garments Manufacturers and Exporters Association (PRGMEA) and Mubasher Naseer Butt Central Chairman PRGMEA here on Tuesday night, Dagha said that Pakistani industry has ignored R&D, while in fact it is badly needed to enhance exports.
He said that exporters are front row soldiers of the economy and despite multiple challenges they are earning billions of dollars foreign exchange for the country.
Value addition of products is a major tool to enhance exports and it can be achieved through R&D. Small industries of our competitors even have R&D departments to grow more, he added.
He appreciated the efforts of the Sialkot-based industry and said that they have made value addition through R&D to improve the productivity and quality of the products.
Dagha said that there is a need to explore new markets other than traditional markets. Three are multiple opportunities in the growing economies of African countries. and China and India have already focused on these regions.
“We are always lacking in policies and for the first time FPCCI has started policy work and set up a policy board. Now a dedicated and well-experienced team of PhDs are working at the FPCCI policy board”, he informed.
Criticising the trade politics, he said that trade and industry must raise a single voice to resolve their issues with the government.
He informed that an online payment system is being introduced in the finance and revenue department of Sindh to facilitate the people. In addition, there are some 32 government departments for the different inspections of the industries and we are planning to conduct all inspections on the same day to facilitate the industry, he added.
Muhammad Zubair Motiwala, CEO TDAP said that the economy is facing a very tough time and cost of doing business is increasing day by day. At the TDAP, we are ready to facilitate trade and industry to increase the country’s exports, he added. He said that with an improved supply chain, industry can reduce their cost of business.
On the occasion, Ijaz A Khokhar highlighted the issues being faced by the industry particularly exporters and asked for the long-term economic policies with the consultation of all stakeholders to ensure the stability.
He said that higher interest rates have badly hurt the cash flows of the industry and it should be reduced to facilitate the industry.
On the occasion, Mohammed Tariq Yousuf President KCCI, Javed Bilwani Chairman Pakistan Apparel Forum, Majyd Aziz, Rasheed Godial and others leading industrialists were also present.
Copyright Business Recorder, 2023
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