Industry asked to upgrade itself for effective JVs and partnerships in CPEC

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Industry asked to upgrade itself for effective JVs and partnerships in CPEC

March 5, 2018

Islamabad, March 05, 2018 (PPI-OT): Syed Kaukab Mohyuddin, Chairman, State Engineering Corporation (SEC) visited Islamabad Chamber of Commerce and Industry along with his team and urged that the local industry should focus on its upgradation to establish effective joint ventures and partnerships in CPEC with Chinese counterparts.

He said the industry in world had adopted 5th generation technology and machinery to grow fast, but industry in Pakistan was still operating with 2nd generation technology due to which the country was lagging behind in industrial development. He said that to catch up with the world in trade and exports, local industry should adopt latest technology and machinery otherwise it would perish in the race for progress.

Highlighting the role of his organization, he said that SEC was working to promote industrialization through developing indigenous manufacturing of capital goods and heavy machinery utilizing local resources and through acquisition of technology. He said Heavy Electrical Complex, Pakistan Machine Tool Factory, Pakistan Engineering Company and ENAR Petro-tech Services Limited were working under SEC.

He said these companies have developed a strong engineering base for the design, engineering and manufacturing of variety of light, medium and heavy engineering products. He stressed that SMEs and local industry should take benefit of the infrastructure and expertise of these companies to improve their productivity. He said that SEC in collaboration with ICCI was ready to support SMEs in upgradation so that they could achieve better growth.

Speaking at the occasion, Sheikh Amir Waheed, President, Islamabad Chamber of Commerce and Industry said that most of the industries of this region including pharmaceutical, steel, flour and light engineering belonged to SME sector and emphasized that SEC should help in adaption of latest technology and machinery by these SMEs so that they could improve productivity and enhance exports.

He said over 600 pharmaceutical units were operating in the country but there were only 4 to 5 raw material producing industries in the country due to which most of the pharmaceutical companies were importing raw material. He said SEC in collaboration with private sector should consider setting up raw material producing industries to meet the needs of pharma industry.

Sheikh Amir Waheed said that SMEs were the backbone of the economy, but most of them were depending on old technology and machinery due to which they could not achieve growth up to their real potential. He urged that government should provide tax concessions to SMEs on import of latest technology and machinery that would help in accelerating industrial growth and promoting exports. He assured that ICCI would work with SMEs so that they could take benefit of SEC infrastructure and facilities for upgradation and growth.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950

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