Islamabad Chamber Of Commerce And Industry Seeks Free Import Of Technology, Machinery For Producing Value Added Products

Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Skill Development Council Wednesday organized a workshop on "Cost Reduction and Profit Maximization" for the education of local industry how to improve its competitiveness and enhance productivity.

ICCI President Ahmed Hassan Moughal said many special economic zones would be setup in Pakistan under CPEC and stressed that the government should allow duty free import of technology and machinery to the local industry so that it could upgrade itself and compete effectively with Chinese counterparts for producing value added products.

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Nov, 2018 ) :Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Skill Development Council Wednesday organized a workshop on "Cost Reduction and Profit Maximization" for the education of local industry how to improve its competitiveness and enhance productivity.

ICCI President Ahmed Hassan Moughal said many special economic zones would be setup in Pakistan under CPEC and stressed that the government should allow duty free import of technology and machinery to the local industry so that it could upgrade itself and compete effectively with Chinese counterparts for producing value added products.

He assured that the ICCI would continue to organize such workshops in cooperation with SDC for the benefit of local industrial sector.

Speaking on the occasion, SDC Chairman Mian Akram Farid highlighted the key initiatives of his organization to produce skilled manpower.

He said the SDC had provided training to 32,000 persons including males and females and stressed that local industry should engage these trained workers to enhance its productivity.

He said the SDC was contributing towards the economic empowerment of women as its trained females were earning Rs50,000 to Rs60,000 per month by producing mosaic works on marble products at home.

He said focus on human resource development and skilled manpower was the way forward for Pakistan.

Addressing the event SDC Advisor Saqib Mah ud Din said the global competition was main challenge for the local industry and it should focus on Balanced Scorecard, which was latest management tool and proactive approach to improve competitiveness, reduce cost, enhance productivity and maximize profitability.

He said only 3 percent SMEs in Pakistan had grown into national and multinational companies compared to 12 percent in India and 18 percent in many other countries.

He said new platforms of innovation were needed for the local industry to flourish. He urged that the government should focus on local industry for procurement that would accelerate its growth.

Asian Institute of Competitiveness CEO Hassan Haider gave a detailed presentation on the tools of cost reduction and profit maximization and provided key tips to the local industry for improving its competitiveness and productivity.