Ayesha Saba

Pakistan’s industrial sector can significantly boost production by utilizing cutting-edge technology. By embracing innovative solutions, we can enhance efficiency, streamline processes, and drive economic growth, but the only need is a strategic framework, says CEO National Productivity Organization (NPO) Muhammad Alamgir Chaudhry while talking to WealthPK.

“For decades, Pakistan's economy has struggled with low productivity, lack of competitiveness and inefficiency. Every sector, including agriculture, manufacturing, trade, education, and other services, is being impacted by this problem, which also has an impact on overall output. It is essential to maintain sustainable productivity if we are to achieve competitiveness and GDP growth targets,” he said. “The production firms have to undergo strong reforms to improve productivity. In order to increase the quality of products, a high-tech production process is needed,” he added.

“The NPO has put some real efforts to achieve the maximum with a more focused approach in which the main objective is to enhance the total factor productivity through human resource development, technology demonstration, and improved practices, processes, and procedures in the country so as to support the cause of competing effectively in the local and global markets.”

“Until 1970s, we were in a much better position than we are today. Our performance was better in that era, but unfortunately our technology is obsolete. This is an era of electro-medical devices. The world is going towards value-added products but we don’t have the technology to process value-added products. If there is a problem with any investment or financial spaces for the movement, then there are so many other ways. Joint ventures should be encouraged by the government, and international firms should invest and bring their technology here,” he said.

“We don't have any strategic framework to address the problems. We must bring institutionalization framework to our institutes. In an effort to make these things a reality, from the Ministry of Industries and Production's platform, we went to the Planning Commission where we came to the conclusion that master plans were necessary for national productivity. These plans will provide a basic strategic framework for identification of key areas for productivity improvement and detail how these activities will be carried out,” said the NPO chief executive officer.

“I think the Board of Investment (BOI) should prioritize four or five sectors, identify the key areas and introduce business plans, and on this basis, foreign investors and expatriates should be attracted. It’s important to tailor tax incentives to specific industries to maximize their impact. Identifying priority sectors and aligning incentives with the national development goals can yield better results and avoid unnecessary fiscal burdens,” he suggested.

Credit: Independent News Pakistan-WealthPk