The government should enable and regulate businesses, protect life and property of investors, enforce rule of law, honour contracts and develop infrastructure to strengthen economy. This was stated by Dr Ishrat Hussain, Dean and Director, Institute of Business Administration (IBA) while addressing the 27th Corporate Excellence Awards, which was organised by Management Association of Pakistan (MAP) at a local hotel here on Tuesday.
Suggesting five key roles to the government for strengthening the developing economy of the country, he said the government should enable the businessmen in the country to carry out business by providing business-friendly opportunities. Beside this, the government should safeguard and protect life and property of businessmen and investors, which is the most important for the country like Pakistan, he added.
He said the government should enforce rule of law and honour contracts to provide the investors with sense of security. He said rule of law and enforcement of contracts is the responsibility of the state and it is the only hurdle to bring investment in developing countries like Pakistan.
He said the government should also provide infrastructure to provide businessmen with facilities for carrying business activities. He said the developing economy like Pakistan should invest in human capital and establish schools, colleges and universities inside the country. He said in Pakistan, Adult Literacy Rate (ALR) is 67 percent while Female Literacy Rate (FLR) is 37 percent, which should be improved.
He also highlighted five key roles of the business sector to strengthen country's economy. He said the companies should be good corporate citizens and avoid tax evasion. The companies should ensure healthy competition and corporate governance. He was of the view that the companies should also focus on Research and Development (R&D) for introducing modification or innovations.
He stressed that the companies should address their social mission. It is not enough to pay one percent on the name of Corporate Social Responsibility and they should come forward to help poverty-stricken masses. Speaking on the occasion, Waqar A. Malik, President, MAP said the need for such an association had become pressing because of important role assigned to the private sector in the country's plan for development and the declared policy of the government to encourage the professional managerial class in the country.
He added that since inception of MAP, the association had established itself as a major forum for training and communication of ideas in field of management in Pakistan. In the end of session, the winners were awarded with the 'Corporate Excellent Awards.' The award for overall Business and Industrial category was given to Siemens Pakistan Engineering Corporation Limited.
Like this, the corporate excellence award for oil and gas producers was won by Pakistan Petroleum Ltd, BOC Pakistan Ltd, Chemicals, Security Papers Ltd, Forestry and Paper, Hinopak Motors Ltd, Industrial and Engineering Sector, Indus Motor Co Ltd, Automobile and parts, Nestle Pakistan Ltd, Food Producers, Colgate Palmolive Ltd, Personal Goods, Glaxo Smith Kline Pakistan Ltd, Pharma and Bio-Technology, Pakistan service Ltd, Travel and Leisure and Pakistan Telecommunication co. Ltd has won corporate excellence award for Fixed Line Telecommunication.
However, Corporate Excellence Certificate for Oil and Gas sector went to Pakistan State Oil Ltd, Clariant Pakistan Ltd, Chemical Sector, Thal Ltd, General Industrial, Al-Ghazi Tractors Ltd, Industrial Engineering, Agriauto Industries Ltd, Automobile and Parts, Rafhan Maize Product Ltd, Food Producers and corporate excellence certificate for Travel and Leisure category wen to Pakistan Hotels Developers Ltd.
Corporate Excellence Certificate for Non-Life Insurance sector was given to Pakistan Reinsurance Co Ltd, Orix Leasing Pakistan Ltd won Financial Services sector and First Habib Modaraba won excellence certificate in Equity Investment and Instruments sector. The overall award for Non-Life Insurance financial category went to International General Insurance Co Ltd.
In sector-wise awards category, EFU Life Assurance won corporate excellence award for life Insurance Sector, Allied Bank Limited, Banking sector, JS Global Capital, Financial Services sector and Allied Rental Modaraba won corporate excellence award for Equity Investment Instruments sector. While Shaukat Khanum Memorial Cancer Hospital and research Centre was awarded with Not For Profit Award.
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