Research and development play a key role in a country's growth. But in Pakistan there was no fundamental planning to cater to this particular issue.
This was stated by Farooq Hassan, Executive Director, Management Association of Pakistan at a seminar "The Management Challenges of the 21st Century - Global & Local" at The Pakistan Institute of International Affairs library, here on Monday.
He said Pakistan had spent more on attaining nuclear technology rather then spending on research and development. Agriculture, irrigation and textile sectors had to be developed in the country but no basic institution or research centres have been developed here, he added.
In Pakistan there was no key player in research and development area and the country was far behind the world, he said.
Farooq said that brand names are now important world over. Without brand name companies barely can sustain their image. In Pakistan there was not a single company with a brand name to compete in international market.
He quoted the international brands like Coca-Cola whose brand name sells $67 billion right the world over, likewise $60 billion by Microsoft, $47 billion by GE and $25 billion by Toyota.
He said in China a special branding ministry was created to promote country's brands internationally. He said brand name was a science and it could not be created in days, it takes years to do so. In 21st century brands were everything even politics was surviving on brand names, he said.
Farooq said in very rare cases a local company won against an international company. In most cases multi-national companies remove local company's name from the horizon. He explained the importance of employees in a company. He said a creative worker has not to worry about employment. In the modern world employees earn money on purely based on their ideas, he added.
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