Asian Development Bank's Principal Economist for Central and West Asia Jesus Felipe on Friday said that broadening of exports base could help Pakistan accelerate the pace of economic growth. While addressing a seminar jointly organised by Technology Upgradation and Skill Development Company (Tusdec) and Asian Development Bank here, he said the process of industrial diversification and value addition is needed to achieve this objective.
Chairman Tusdec, Manzar Shamim, CEO Tusdec, Suhael Ahmed, Professor Dr Ricardo Haussman of the Centre for International Development, Harvard University (USA), Chief Executive Officer (CEO), SM EDA, Shahid Rashid, Chief Executive Officer (CEO), SME Business Support Fund, David Monkman, Chief Executive Officer, Punjab Industrial Estates Development and Management Company (PIE) and leading industrialists were present on the occasion.
The Principal Economist said that ADB team was presently visiting Pakistan to have first hand knowledge on why Pakistan could not make progress in the industrial sector to the level, the other countries of the region like Malaysia, Korea and Thailand made over the last thirty years. Malaysia, Korea and Thailand were poorer than Pakistan in 1960s.
The ADB has been carrying out a study on competitiveness and Structural Transformation in Pakistan for the last 18 months, he said and added that this was the second visit of the ADB team to Pakistan with an objective to meet the stakeholders of the industrial sector.
Professor Ricardo Haussman of the Harvard University presented various economic models, which Pakistan can use to give a boost to its development. Tusdec Chairman Manzar Shamim while delivering the address of welcome underlined the need of accelerated industrialisation to ensure sustained economic growth in the country. He said that government had set up Technology Upgradation and Skill Development Company (Tusdec) to achieve this objective with the help of technological upgradation and skill development in line with the needs of industrial sector.
CEO of Tusdec, Suhael Ahmed informed the participants about the projects executed by the company and said that a number of new initiatives including Federal Institute of Materials and Homologation, Electronics Support Complex and Engineering Support Complex in Peshawar, Quetta and Hyderabad had been planned.