Industry body chief for knowledge based economy in Pak

05 Aug '15

3 min read

As Pakistan grapples with a host of economic problems, Lahore Chamber of Commerce and Industry (LCCI) president Ijaz A. Mumtaz has called for a knowledge based economy to cope with the challenges posed by the rapidly changing global scenario.

In a press release, LCCI said that during a briefing of members of the trade body, Mumtaz stressed that a knowledge based economy would also help overcome various internal issues like decline in exports, energy crisis, lowest tax-to-GDP ratio, inefficiency of public sector entities, brain-drain, shortage of skilled human resources and low industrial production etc.

Mumtaz updated LCCI members about the organisation’s role in policy corridors and various steps taken for the economic well-being of the country.

He said that lack of knowledge and research is one of the biggest reasons for the country's economic ills. He said that unavailability of authentic data is coming in the way of Pakistan’s external trade.

“We are talking about to be an Asian Tiger but how it is possible when our exports are declining and we are far behind even from those countries who were following us as a role model a few decades ago,” Mumtaz said.

He said Pakistan’s falling exports is not a good sign for the economy. He said that our exports are limited to a few merchandise and dependent on a few countries which was the biggest reason of decline in exports.

The LCCI president urged the government to conduct market research to find out new destinations for the Pakistani products which are best in the world as far as quality and price is concerned. He said that Pakistani Missions abroad should be duty bound to introduce Pakistani products to the foreign buyers and also ensure dissemination of trade related information so that Pakistan entrepreneurs could avail trade opportunities to the maximum.

“It is time to diversify our businesses and have to add new products to attract maximum foreign buyers for Pakistani products,” Mumtaz added.

He said that government would have to introduce “Knowledge & Research” culture in all sectors of economy including energy. He said that promotion of research in energy sector could lead to a solution to the country’s power shortage.

“Only public-private partnership could make a big breakthrough in the field of ‘Knowledge & Research’ therefore government should take business community onboard in all economic matters,” the LCCI president demanded. (SH)

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