Call to help firms to improve capabilities

LAHORE

Productivity of firms in Pakistan and the rest of South Asia is the only sustainable way to improve competitiveness of the provincial and national economy. 

This was highlighted in a new South Asia competitiveness flagship report “South Asia’s Turn: Policies to Boost Competitiveness and Create the Next Export Powerhouse.”

Addressing the ceremony, Iftikhar Ali Sahoo, Secretary P&D Punjab, informed the participants that the Punjab government has already embarked upon ease of doing business reform agenda and has launched “Punjab Jobs and Competitiveness Programme” which aims to create favourable conditions for doing business initiatives for local firms. Dr Mujtaba Piracha, Secretary Industries, Commerce & Investment highlighted that the challenge is not just restricted to policy change, but to reform the mindset to permeate all the way to human resources. It was emphasised that the private sector should play a key role and collaborates with public sector companies. The report also calls for helping firms in Punjab to innovate and improve their managerial capabilities, and use new technology enhance connectivity with customers and suppliers for boosting competitiveness, he said. 

“Firms in Punjab and Pakistan have a significant untapped potential in raising productivity through development of urban ecosystems providing thick markets for skilled labor, large tracts of industrial land, and world class logistics,” said Vincent Palmade, lead economist and one of the report’s co-authors.

According to the report, firms gain significant productivity benefits from being located in areas which exhibit diversity of workers, suppliers, and customers. With the right set of productivity-enhancing policies, firms in Punjab will do well in increasing their market share in the region as well as globally. Representatives of private sector, academia and the government departments attended the ceremony.