Outsourcing and contract manufacturing of electronic products and equipment could be the main tools for next industrial revolution in the country.
This was stated by the keynote speakers at a seminar on "The next industrial revolution" organised by the Export Promotion Bureau (EPB) at its premises here on Thursday.
S. Santos, Vice President, Boeing Aircraft Industries, said that Pakistan has already awarded a contract to Boeing Aircraft worth $1.79 billion and the work is in progress.
Pervaiz Lodhi, a Pakistani-origin American entrepreneur, said that the world has become a global village and now business could be run in a better manner by signing joint ventures instead of individual efforts. He said that through contracts the manufacturing business of millions of dollars could come in the country.
Lodhi said that Pakistan is a good place for business and many of its products are best in quality, but it needs good marketing in the global market. Improvement of country's image is also need of the hour. Prominent personalities in the field of electronics manufacturing attended the seminar.
Riaz Khan, Executive Director, EPB, thanked the participants for providing EPB a focal point of "Contract Outsourcing Manufacturing" in Pakistan.
He said that the affect of outsourcing is extremely beneficial for developing countries like Pakistan, which would help in increasing its export base in the electronics and electrical field.
It is a $600 billion untapped global market consisting of technology transfer, developing new skills and creating thousands of new jobs in major industrial areas.