Muhammad Saleem

The Faisalabad Chamber of Commerce and Industry (FCCI) and Technology Upgradation and Skill Development Company (Tusdec) have joined hands to upgrade the industrial sector of Faisalabad, reports WealthPK. In this regard, the FCCI Acting President, Dr Sajjad Arshad, recently met the Tusdec officials and informed them about the issues the industry faces, particularly the textile sector. He said it was the need of the hour that both the organizations collaborated for technological advancement in order to produce high-end products meeting the international standards. He said the major sectors of Pakistan, including agriculture, textile and foundry, needed upgradation as per international standards and such sectors had the potential to strengthen the local and national economy. He said the textile sector of Faisalabad had earned a distinguished position globally due to its quality products. He said this sector was earning billions of rupees worth of forex for Pakistan due to the high demand for textile items.

Besides, the textile sector employs more than 40% workers, he said, adding that agriculture and other sectors were also ensuring jobs for the laborers. He asked Tusdec to come forward and extend help to these sectors to cater to the needs of the international community. "Without adopting technological advancements, no sector can show progress and growth," Dr Sajjad Arshad added. "The high cost of doing business is creating a plethora of problems for the industrial sector of Faisalabad, and the inflated gas and electricity tariffs are major factors in this regard. Like industrialists, the general public is also facing the issue of inflation, which has curtailed their buying power. "Owing to inflation, as many as 38.5% of people live below the poverty line. Efforts must be initiated to lift them out of this situation. This situation is leaving the exporters in an outlandish situation where they find it hard to compete with their rivals in the international market," he continued.

Dr Arshad said the SME sector faced a financial crunch, but the banks would not provide them with soft loans for upgrades. Since the government sector is their top priority, the SME sector is being ignored badly, he added. "The government is not issuing refunds to the SME sector, which is aggravating their financial vulnerability. By strengthening this sector, the government can produce thousands of jobs. Like banks, the state-run departments are also not focusing on the SME sector issues," he claimed. "A good sign the industry has witnessed in recent days is the appreciation of the rupee against the US dollar and a crackdown on smuggling." Dr Sajjad Arshad said the industrialists and exporters were waiting for days when the energy and raw materials would be available at affordable rates, enabling them to run their businesses smoothly.

"A couple of days ago, the government increased the cost of energy which will add to the woes of the business sector and the general public as well. The government must adopt alternative energy sources like the wind, hydel and solar. "Currently, the government is receiving an 18% tax on the solar panels. Cutting down tax can promote their installation to get rid of the power crisis. The Indian Punjab farmers are getting free electricity, which is strengthening their agriculture sector." Dr Arshad urged Tusdec to take practical steps for technological upgradation of the industrial city of Faisalabad and enhancing the skills of the youth because the educational institutions were producing jobless educated youths. Sadia Masood, Director of Technology Upgradation, said Tusdec would take practical steps for the upgradation of the industrial sector of Faisalabad.

INP: Credit: INP-WealthPk