INP-WealthPk

Engineering Sector Needs Tech Upgradation to Enhance Output, Exports in Pakistan

June 14, 2022

By Ayesha Mudassar ISLAMABAD, June 14 (INP-WealthPk): Promoting Pakistan’s engineering sector involves a focus on existing sub-sectors and upgrading technology, as well as protecting against imports and connecting to the global production systems. This was the crux of a debate among experts at the launching ceremony of Enhancement of Competitiveness of Pakistan Domestic Fan Industry and Surgical Instruments held in Islamabad recently, reports WealthPK. Addressing the launching ceremony, Chairman of Engineering Development Board Almas Hyder said Pakistan's industrial sector must be brought in line with the global competitive trends to enhance output and exports and this could only be possible through innovation, cutting-edge technology, and research development. Sharing a few statistics for 2020, Almas Hyder informed the participants that the world's total trade was almost $18 trillion of which 56% belonged to the engineering sector. Pakistan's exports, he said, were worth USD25.3 billion in which the share of the engineering sector was just 9%. According to Almas Hyder, there’s a dire need to devise a concrete strategy to encourage investment, accelerate industrial expansion, enhance productivity per person, access the international market, and boost overall economic activity in the country. Taimur Dawood, Director of Pakistan Business Council (PBC), said Pakistan’s engineering sector had enormous potential to grow and contribute to exports. By addressing challenges, developing clear policies to support technology upgradation, and increasing productive manufacturing, Pakistan's engineering sector could attain a significant place in the export of engineering goods in the following years, he added. According to the Pakistan Electric Fan Manufacturing Association (PEFMA), identifying irregular and inefficient production processes, imposing a standardization requirement, and adopting emerging trends are all necessary to improve the sector's competitive ability. Experts also stressed the importance of diversifying Pakistan's industrial base beyond textiles, leather, cement, and fertilizer. Investment in modern technologies is imperative. Use of automation is rapidly increasing and becoming a must for all industries to compete in global markets. The government and business community should identify the factors responsible for lack of competitiveness and make contribution to substantially enhancing exports.