ISLAMABAD, Jun 7 (APP):Minister for Industries and Production, Syed Murtaza Mehmood Tuesday appreciated both the organizations for initiating and setting up such good working relationship for the benefit of local industries.
He said this while as Chief guest in a ceremony was organized by Engineering Development Board and Pakistan Business Council for the launch of Joint Studies on Enhancement of Competitiveness of Pakistan domestic Fan, Surgical Instrument and Medical Device sector of Pakistan.
Secretary I&P Imdadullah Bosal, Chairman EDB Almas HYDER, CEO Raza Abbas Shah, Director PBC Taimoor Dawood and office bearers of Fan and surgical association were present.
The Minister called it to be a unique combination of working between the Public and Private sector organizations and a good example of joining hands by creating synergies for developing various sectors of the economy.
He said that EDB is an important department of MoIP, While acknowledging EDB,s efforts for development of various engineering sectors, he commended the organization’s management for developing the engineering industry on modern lines for enabling it to become technologically sound and globally integrated.
He ensured of the present government’s support for taking forward all such initiatives to bring in positive and obvious results to improve the state of affairs on the industrial front.
Syed Murtaza said that the country shall soon witness many modern and innovative businesses flourishing in the various sectors in the coming days under the dynamic leadership of the Prime Minister of Pakistan.
Chairman EDB Almas Hyder in his welcome remarks appreciated efforts put in by the teams of both the organization and congratulated them on bringing out these detailed documents which would provide a roadmap for development for these sectors in future.
The aim to conduct these studies was to boost the image of Pakistan and contribute towards improvement of domestic market and export promotion/market expansion of this value added sector.
While sharing a few statistics he informed that during 2020, the total world’s trade was almost 18 trillions.
Engineering goods accounted for almost 56% in the total world trade and Share of textile was almost 4.5%.
Pakistan’s exports amounted to US$ 25.3 billion during 2020 in which share of engineering sector exports was just 9% while textile sector had a major share of almost 61%.
This shows the tremendous potential of increasing engineering exports of the country.
However, a clear strategy to increase the share of the value added goods in the global trade needs to be clearly worked out by prioritizing the sector as Engineering sector is diverse and its sub-sector have their own dynamics and value chain.
Present on the event were Ramiz Dar, Chairman Fan Association and Waqas Raza Chairman Surgical Association and members of both the associations.
They ensured of their fullest cooperation with EDB for implementation of the recommendations in the studies.
Speaking on the occasion, Taimur Dawood, Director the PBC called on both the Fan and the Surgical Instruments industries to take up the challenge to break into the upper priced global markets and work towards becoming billion-dollar export sector.
Dawood daid Pakistan needs a strong, vibrant and outward looking engineering sector if it went to improve both exports as well as the social & economic condition of the country.
He mentioned that the PBC, EDB MoU which signed in 2021 was aimed at partnering with individual sector associations to try and resolve problems being faced by individual sectors in the engineering sector.
The final goal being to come up with policy recommendations aimed at improving export competitiveness of the sectors.
