Chief Economist Equitable Growth Finance and Institutions, Practice Group of the World Bank, William Maloney has said that globalization of Pakistan economy is the only solution to survive in the coming decades and in this connection World Bank (WB) will help Pakistan through technology Enhancement, Skill Development and creating conducive climate for the manufacturing sector in Pakistan.
Addressing a meeting in the Faisalabad Chamber of Commerce & Industry (FCCI), here on Wednesday, William F. Maloney said that Pakistan has potential of 8% growth but it remained around 2.3% whereas in the same region its neighbors have recorded historic growth rate of 17%.
He said that the WB will help Pakistan to fully exploit its growth potential by linking its economy with global markets. He pointed out three major factors including Technology Up-gradation, Skills Development and Provision of Conducive Climate to enter into the global markets.
He quoted the example of different countries and said that America was once the main car producing country but in later stage Japan emerged as leading car makers through its innovation and competitive technologies.
The Chief Economist Equitable Growth Finance and Institutions underlined the importance of SME (Small and Medium Enterprises) sector and said that WB will continue to take macro level steps to harness the skills and productivity of the SME sector by imparting technical and management skills.
He also stressed the need for the mainstreaming of women who are 51% of Pakistan’s population and told that WB has already taken a number of steps for the women empowerment.
Senior Economist, World Bank Gonzaio J. Varela told that currently Faisalabad is manufacturing leading and popular international brands; however, he suggested that Pakistani industrialists must develop and introduced their own brands to earn sizeable profit from their expertise to manufacture quality textile products.
He acknowledged that Faisalabad is the major manufacturing hub of Pakistan. Hence it must upgrade their existing industrialists units with new and emerging technologies. “In this connection joint ventures could also be initiated with other developed countries”, he proposed.
Earlier in his address of welcome, President FCCI Syed Zia Alumdar Hussain told that the FCCI is serving the business community of Faisalabad for the last 44 years. “It has 7,000 members within its fold”, he said and added that no doubt the textile is the main economic strength of Faisalabad yet other sectors are also contributing their role in the overall development of this dynamic city.
He also pointed out that textile sector alone is providing 65% jobs to the Pakistani youth. Regarding garment manufacturing, Syed Zia told that 52% women across the country use the dresses manufactured in this city. He told that Karachi is enjoying special status being port city but if manufacturing capability is accessed then Faisalabad may be number one in Pakistan.
The President FCCI mentioned his vision of triple “E” which is synchronized with government’s priorities. “Among these includes Economy, Export and Education”, he told and added that FCCI is also contributing its role in policy making. In this connection, he mentioned the recent visits of Former Finance Minister Asad Umar, Advisor for Commerce, Textile, Industries and Production, Investment, Abdul Razak Dawood and Railway Minister Sheikh Rasheed to discuss business related issues with the concerned stakeholders.
Regarding the Social Sector, Syed Zia Alumdar told that the FCCI is playing a proactive role in the fields of environment, water treatment and tree plantation etc. “We have also donated Rs.12 million for the Diamer-Bhasha Dam”, in addition to helping divisional administration to organize various sports events to project Pakistan as a peaceful country among the comity of nations.
The President FCCI thanked WB for investing 5.4 Billion Dollars in Pakistan but demanded that Pakistan needs a soft image and market access to stabilize its economy through enhanced export. He said that due to the travel advisory buyers are reluctant to visit Pakistan and such steps must be avoided at the global level which may tarnish our image as a peaceful business destination for the international investors.
Regarding introduction of Pakistani brands, Syed Zia Alumdar told that we are already working with international retail store chains and our products are popular throughout the world. “We are in consultation with an Italian international designer to train our youth so that we could also design fashion designs for the Europe and western countries in according to the latest and emerging trends. He hoped that spadework to introduce indigenous textile brands will be completed very soon in order to launch purely Pakistani brands.
President Faisalabad Women Chamber of Commerce & Industry (FWCCI) Robeena Amjad highlighted the steps taken to involve women entrepreneurs in the mainstream of national economy and hoped that WB will directly help FWCCI to achieve the harness the skills of the women entrepreneurs.
A question answer session was also held in which Engineer Ahmed Hassan, Engineer Asim Muneer, Majeed Saqib and Abid Masood asked various questions.
Later, Senior Vice President Mian Tanveer Ahmed offered vote of thanks while Madam Robeena Amjad Presented FCCI shield to William F. Maloney, Chief Economist Equitable Growth Finance and Institutions, Practice Group of the World Bank. The ceremony was also attended by Shabih Ali Mohib program leader and Amjad Bashir senior economist of the World Bank group.