‘Knowledge-based economy need of the hour’

LAHORE: Knowledge-based economy is the only way to cope with the challenges posed by the rapidly changing global scenario to address issues such as decline in exports, energy crisis and lowest tax-to-GDP ratio, a statement said on Monday.
Talking to a group of LCCI members, LCCI President Ijaz A Mumtaz said that knowledge application would also resolve inefficiency of the public sector entities, brain-drain, shortage of skilled human resources and low industrial production.
"Our exports fell short of target, which is not a good omen for the economy at all."
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 is concerned.
He said that the government would have to introduce "Knowledge & Research" culture in all sectors of the economy, including energy.
The promotion of research in the energy sector would suggest best solutions of electricity shortfall being experienced by the country since long, the LCCI president said.
The trade and industry is the backbone of the economy, as the government generates more than 90 percent of its total resources from this sector; therefore, it can make a great contribution in turning Pakistan into one of the greatest nations in the world provided due facilitation and an enabling business atmosphere are ensured.