Lahore, December 30, 2014 (PPI-OT): Mr. Shah Faisal Afridi, President, Pak-China Joint Chamber of Commerce and Industry has stressed upon the need of research and development in Pakistani manufacturing sector to produce innovative, users’ friendly and value-added products. He was addressing as Chief Guest of a seminar held at PCJCCI premises today on “Positive Impact of Innovation on Economy”. The seminar was also addressed by Mr. S.M Naveed senior vice president PCJCCI and a number of other speakers.
Highlighting the Pakistan’s weak innovative end and its adverse effects on economy, Afridi quoted the Global Competitiveness Report 2013-2014, according to which Pakistan ranks at 118th out of a total of 142 countries. Therefore the only way to gain a sustained competitive advantage for Pakistan is to up-grade and expedite its processes for development of innovation, he added.
While expressing his point of view Faisal Afridi quoted the example of China, which has emerged at the cutting edge of global management practices. He said that China is regaining its historical position as a global innovation power. “Chinese are explicitly targeting innovation as a national priority, in the hope of speeding the shift from brawn to brain that is required to prosper in this new century’s economy”, he said adding that China was urgently looking for ways of designing its own products rather than manufacturing someone else’s.
President PCJCCI observed that a developing country like Pakistan could attain the value addition targets only by adopting innovative practices. He said that adoption of innovation was the main vehicle for organizational adjustment especially in view of the scarce resources, dynamic business environment, intense competition and changing customer demands for better quality.
He lamented that within Pakistan’s manufacturing context, little or no attention had been given to examine the effects of innovation on Economy. He urged the business community as well as government of Pakistan to allocate special funds for research and development to encourage the innovation development processes in the county.
He pointed out that, there is a strong need of research and development in Pakistani manufacturing sector in order to produce innovative and user friendly products. He asserted that adoption of innovation is a main vehicle for organizational adjustment especially under the conditions like scarce resources, dynamic business environment, intense competition and changing customer demands for better quality.
He said that the proper exploitation of technology strongly influences business competitiveness, which is no longer a matter of choice but a matter of survival in the marketplace. Mr. Afridi explicated that in order to bring a visible change in innovation development, a strong industrial policy was also required which should address and support (R and D, training and fiscal incentives) for a selected group of industries and fields of activity enjoying evident future comparative advantage.
He suggested that, Chinese experts from various industrial fields should be engaged to train our labour force, entrepreneurs and R and D professionals. He said that a vibrant and workable “Industrial Policy” reflecting the aspirations of our industry can pave way for innovations in manufacturing sector of the country.
Mr. S.M Naveed added that, “Innovation plays a critical role in determining a country’s overall competiveness, productivity and hence economic growth”. He was of the view that innovation helps firms keep pace with changing market trends and it is considered to be one of the key ingredients in a developing country’s growth strategy enabling its economy to meet challenges of the global competitiveness.
For more information, contact:
Wardah Ali Gohar
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor,
Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353
Category: Chambers of Commerce