The Pakistan Textile Exporters Association said that unavailability of new technology was the main hurdles in socio-economic development of Pakistan so the government should provide latest technology to strengthen the national economy and ensure sustainable growth in the country.

PTEA Chairman Sheikh Ilyas Mahmood said that Pakistan had not yet been able to make advancement in industrial production, energy and infrastructure due to which the country could not fully exploit untapped potential in many sectors.

“Adoption of new technology has become more essential for a developing country, particularly at a time when the level of competition, production processes and methods are rapidly changing across the globe,” he said. The government should decrease tariffs on the import of new technology and machinery which would help improve overall national productivity, he demanded.

The government should conduct surveys in industrial units to provide technical expertise for reduction of wastage and efficiency improvement, he demanded. He said that Pakistan required high economic growth of 7 to 8 percent to fight rising poverty, create more exportable surplus, reduce rising trade deficit and generate more revenues so that its mounting debt burden could be reduced.

The PTEA chairman said that Pakistan was in fact facing a negative growth when inflation and other factors were taken into account. To improve growth prospects, extensive use of new technologies and R&D activities should be given high priority, he said. He added that it would result in high value addition in the products and services leading to promotion of exports.

“Technological advancements are the only solution to the economic challenges being faced by the country,” he said. He emphasised that both the public and private sectors should join hands to introduce new technologies for improving and enhancing their productivity.

Vice Chairman Adil Tahir was of the view that though the government had announced many incentives for textile sector in the federal budget including technology upgradation. However, he added, the implement of these incentives in letter and spirit to get desired results. “Pakistan is in dire need of enhancing exports and strengthening economy. The government should focus introducing latest technologies in all the sectors to revive economy,” he concluded.