PTEA: Technology needed to move ahead, say officials

Say modern methods key to economic growth.

FAISALABAD: Pakistan Textile Exporters Association Chairman Sheikh Ilyas Mahmood and Vice Chairman Adil Tahir have urged the government to focus on introducing latest technologies in all sectors to revive the economy and ensure its sustainable growth.

They said that technology restraints have been the main hurdles holding back Pakistan from achieving socio-economic development.

“Pakistan has not yet been able to make requisite advancement in modern technology in the fields of industry, production, energy and infrastructure,” said the officials. “Adoption of new technologies has become more essential for a developing country like Pakistan, particularly at a time when the level of competition, production processes and methods are rapidly changing and advancing on the globe,” they added.

“Government should lower tariffs on the import of latest technology and machinery for use in all sectors of the economy to help improve overall national productivity. It should also conduct surveys in industrial units and provide technical expertise to industries for applying modern technologies to reduce wastage and improve energy efficiency.”

They said Pakistan requires a high economic growth of 7 to 8 per cent to fight rising poverty, create more exportable surplus, reduce rising trade gap and generate more revenues so that its mounting debt could be reduced.

The PTEA chairman pointed out that Pakistan is in fact facing negative growth when inflation and other factors are taken into account. To improve growth prospects, extensive use of new technologies should be given high priority as it would result into high value addition in our products and services leading to better promotion of exports.

“Technological advancements are the only solution to the economic challenges being faced by the country. Both the public and private sectors should join hands to introduce new technologies for improving and enhancing their productivity to help the country achieve the cherished goal of progress and prosperity.”

Published in The Express Tribune, June 28^th, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.