Knowledge-based economy is only way to cope with the challenges posed by the rapidly changing global scenario as well as help overcome various internal issues like decline in exports, energy crisis, lowest tax-to-GDP ratio, inefficiency of public sector entities, brain-drain, shortage of skilled human resources and low industrial production.
This was said by Lahore Chamber of Commerce and Industry (LCCI) President Ijaz A. Mumtaz while talking to a group of LCCI members on Monday.
He also briefed them about the LCCI role in policy corridors and various steps taken for the economic well-being of the country. He said that lack of knowledge and research was one of the biggest reasons of our economic ills, adding that unavailability of authentic data was coming in the way of Pakistan’s external trade.
“We are talking about to be an Asian Tiger but how it is possible when our exports are declining and we are far behind even from those countries who were following us as a role model a few decades ago,” he observed.
Ijaz A Mumtaz said that country’s exports falling short of target which was not a good omen for the economy at all, and the Pakistan’s exports were limited to a few merchandise and dependent on a few countries which was the biggest reason of decline in exports.
The LCCI president urged the government to conduct market research to find out new destinations for the Pakistani products which are best in the world as far as quality and price was concerned.
He said that Pakistani missions abroad should be duty bound to introduce Pakistani products to the foreign buyers and also ensure dissemination of trade related information so that Pakistan entrepreneurs could avail trade opportunities to the maximum.
More education is one way out of poverty, new modern infrastructure means jobs. Highend products will bring in more foreign exchange into Pakistan. Why not spent more money into education into higher production. Do not spent to much money into armed forces it’s just waisted money.
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