Technological advancements must for Economic Revival: Yassar Sakhi Butt

Islamabad, August 16, 2012 (PPI-OT): Technology constraint has emerged as one of the main hurdles holding back our country from achieving rapid socio-economic development. Therefore, Government should focus on introducing latest technologies in all sectors to revive economy and ensure sustainable economic growth.

This was said by Yassar Sakhi Butt, President, Islamabad Chamber of Commerce and Industry (ICCI) while exchanging views with a delegation of local businessmen.

He said that Pakistan has not yet been able to make requisite advancement in modern technology in the fields of agriculture, industry, production, energy, infrastructure and many other areas due to which the country could not fully exploit untapped potential in many sectors of the economy.

ICCI President said that adoption of new technologies becomes more significant for a developing country like Pakistan, particularly at a time when the level of competition, production processes and methods are rapidly changing and advancing on the globe.
Yassar Sakhi Butt said that Government should lower tariffs on the import of latest technology and machinery for use in all sectors of the economy, which would help in improving the overall national productivity. It should also conduct surveys in industrial units and provide technical expertise to industries for applying modern technologies to reduce wastage and improve energy efficiency, he added.

He said that our country is facing a negative growth due to inflation, rising trade deficit, declining FDI, alarming debt burden and many other core issues. He said that to improve growth prospects, extensive use of new technologies and R and D activities should be given high priority as it would result into high value addition in our products and services leading to better promotion of exports.

ICCI president said that Pakistan requires a high economic growth of 7 to 8 percent to fight the rising population and poverty, create more exportable surplus, reduce rising trade gap and generate more revenues so that its mounting debt burden could be reduced.

He said that technological advancements are the only solution to the economic challenges being faced by the country and emphasized that both the public and private sectors should join hands to introduce new technologies for improving and enhancing their productivity.

For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950

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