Ayesha Saba

In an epoch-making move signalling a profound commitment to economic advancement, the Ministry of Planning is on the cusp of introducing the National Productivity Master Plan (NPMP), reports WealthPK. This strategic initiative, in collaboration with partners such as the Asian Productivity Organization (APO) and the Korean Development Institute (KDI), is poised to revolutionize the nation's productivity enhancement efforts. As per the information available to WealthPK, the NPMP heralds a new era of strategic planning. At its essence is a three-pronged approach, meticulously tailored to address the diverse challenges hindering productivity growth across sectors. By ensuring coherence between sectoral industrial policies and export-related initiatives outlined in the Strategic Trade Policy Framework (STPF) 2020–2025, the NPMP aims to streamline efforts towards industrial development and export promotion. This harmonization is expected to drive synergy between various economic endeavours, fostering sustainable growth and competitiveness.

In a conversation with WealthPK, Mugheez Farooq, Energy Auditor at the National Productivity Organization, Ministry of Industries and Commerce,  said, "In a flourishing economy, productivity, quality, and innovation serve as foundational elements, collectively underpinning competitiveness and driving economic growth. Productivity, particularly, holds unparalleled significance, acting as the primary catalyst for advancing an economy's expansion and prosperity." "Pakistan's industrial sector has long grappled with numerous challenges, including inefficiencies, infrastructural limitations, and fragmented policies. These issues have hindered the sector's ability to achieve its full potential and compete effectively on the global stage. Among these challenges, low productivity emerges as a pressing concern that demands immediate attention from the policymakers and industry stakeholders," he stated.

Farooq highlighted the need for coordinated efforts between the public and private sectors to create an enabling environment for productivity growth and emphasized the necessity of identifying the industries in which Pakistan possesses a competitive advantage, particularly those characterized by low labor costs and abundant resources. Such industries, he explained, stand poised for success in the global market due to their cost-effective production methods. Securing markets for these low-cost, high-margin commodities, he asserted, presents an opportunity for sustained and dynamic growth, propelling Pakistan's ascent up the economic ladder. "By investing in modern technology, upgrading skills, reducing regulatory barriers, and fostering innovation, Pakistan can position itself as a competitive player in the global marketplace and realize its full export potential," he opined.

Credit: INP-WealthPk