ISLAMABAD - Industrial revolution in the West was the result of close collaboration between universities and industries and Pakistan can also achieve better economic progress by developing strong academia-industry linkages. This was observed by Zafar Bakhtawari, President, Islamabad Chamber of Commerce & Industry, while exchanging views with Dr. Safdar A. Butt, Professor & Director of Faculty of Management & Social Sciences of Mohammad Ali Jinnah University during his visit to ICCI.
ICCI President said that every year, thousands of graduates join the pool of the expanding workforce, but due to lack of required knowledge and skills, they find it difficult to get jobs in the market. One better way of tackling this problem is to strengthen academia-industry liaison to bridge the gap between demanded skills and supplied skills that will help in absorbing the educated youth in job market.
He appreciated the initiative of MAJU University for involving its students in preparing budget proposals and assured that Islamabad Chamber of Commerce & Industry would fully assist their students in improving their budget making skills. He said other universities should also adopt this approach so that students should get better knowledge & understanding of the economy and play more effective role in the development of the country.
Bakhtawari said during the period from 1947 to 2002, Pakistan’s tax revenue reached up to Rs 400 billion while from 2002-2012, total tax revenue of the country has increased to Rs 1,900 billion, which shows that tax revenue is improving. However, due to rising expenditures, Pakistan is facing huge fiscal deficit. He said apart from improving tax-to-GDP ratio, the government should make serious efforts to control all unnecessary expenditures so that Pakistan could overcome its fiscal deficit and economy could come out of difficult phase.  Dr. Safdar A. Butt, Professor & Director of Mohammad Ali Jinnah University informed that their students are preparing budget proposals which would be presented to ICCI on 6th June 2013 for further discussion and refinement.
He said the main focus of MAJU University is to assist its students to expand their intellectual potential by providing them new skills and innovative ideas. He said MAJU is preparing its students with professional and technological skills to enable them become equal partners in the development of the country. He said MAJU would develop strong working relationship with ICCI for producing demand-driven students. He thanked President ICCI for assuring cooperation to assist MAJU students in budget-making procedures and processes and intellectual development of students on economic issues.
He hoped that bilateral collaboration between MAJU and ICCI would be highly beneficial for the students and the economy.