Monday March 27, 2023

Management skills termed key to exploit CPEC projects

By our correspondents
November 27, 2016

KARACHI: Pakistan’s business sector direly needs to improve project management skills to make the most of the mega projects related to China Pakistan Economic Corridor (CPEC), a senior economist said Saturday.

“On top of fostering a culture of professional excellence, we also need to improve our project management skills to the level where they become global touchstones,” Farrukh Iqbal, director, Institute of Business Administration told the participants of a roundtable organised by Karachi chapter of Project Management Institute (PMI) in collaboration with Jang Group.  The former World Bank economist said once the CPEC became fully operational and mega projects started flowing in once the competition increases. “Only those firms, which are equipped with top-notch project management skills, will be able to claim their share of business.”

Entrepreneurs from various sectors attended the event and expressed their views during group discussions.

“During my service in World Bank, I noticed the countries with high project management skills and cultures were comparatively more successful in meeting their economic development targets. With a cutthroat competition coming up, businesses and economies will have to develop their skills in these areas,” Iqbal said.

Participants said there was a huge potential of growth through development of small and medium size enterprises as many of the potential entrepreneurs with good business ideas were reluctant in taking initiatives due to lack of management knowledge. 

PMI has taken a unique step to provide the project management knowledge to potential and existing companies, they added.

Saad Amanullah Khan of Alamut Consulting said around 80 percent of the growth in economy and job creation in United States came from the companies established in the last 10 years. “The potential of growth is there, it needs better management skills to meet challenges.”