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KARACHI: Notable speakers have reiterated the importance of made-in-Pakistan products and their promotion, along with the massive localization of manufacturing and industries through sustainable policies for uplifting economic activities within the country.

Speaking as chief guest at the two-day symposium organized by the Institute of Electrical and Electronics Engineers Pakistan (IEEEP), Engr Raza Abbas Shah, CEO Engineering Development Board (EDB), said the policy of localizing industries and manufacturing sectors will promote local talent, innovations, and business opportunities for domestic markets.

He mentioned that engineering accounts for merely 5% of national trade compared to 61% of global trade due to the slow adoption of technological trends in local industries.

CEO EDB further said that a special industrial zone is being planned in collaboration with the Ministry of Industries to promote advanced technology in different sectors, including automobiles, media devices, textiles, etc., to reduce the country’s reliance on imported goods and save precious foreign exchange.

Speakers and experts from different fields presented various recommendations to the government to address the challenges of the energy crisis, food shortage, and lack of technological development.

Renowned economist Dr Shahida Wizarat believes an effective industrial policy should be framed soon to explore the country’s natural resources through national companies instead of foreign operators.

She further said the reliance on local operators for exploring minerals such as gold, copper, and iron will not only enhance our capacity to use technology but also generate enough revenues for the country to avoid the financial assistance from the International Monetary Fund (IMF).

Former Chairman IEEEP Engr Khalid Pervaiz pointed out that our industries are reluctant to adopt technology and innovations. Still, they shut down their industrial units of old electrical tools, including transformers and transistors, and prefer to import them from various countries.

He suggested that policies should be conducive to promoting local industrialists to attract investment in setting up local industries.

Chairman IEEEP Engr Naveed Akram said the industries should be bound to buy local brands of engineering and electrical goods in accordance with a national policy, which will develop the country on a self-sustainable basis.

He further said that IEEEP, through EDB, could take significant initiatives to promote engineering sectors provided that duties are removed on raw materials and the government supports local manufacturers to export made-in-Pakistan brands in foreign markets.

Engineers of various fields, faculty members of different engineering universities, economists and various stakeholders attended the symposium.

Copyright Business Recorder, 2024

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