TEXT: Export Processing Zones (EPZs) target to boost exports of developing countries by supporting manufacturers and investors and providingrequired infrastructure, uninterrupted utilities, security, environmental compliance, flexibility on export tariffs and incentives. EPZs are governed through specific regulations, controls and processes on imports and exports to offer a barrier-free environment and attract foreign investment for export-oriented production, promote economic growth, generate employment and eventually increase foreign exchange earnings. In the recent past, countries like Sri Lanka, India, Bangladesh, increasedtheirexports significantly through well-equipped and managed export zones, attracting foreign investors and providing manufacturers conducive environments as a result of which the firms operating in them, and the business volume they handle, are all growing rapidly, endorsing the importance of EPZs. In Pakistan, despitethe efforts made over the years, the strategic role of EPZs in boosting exports needs to the leveraged, focused upon and improved.
Export Processing Zones Authority (EPZA) established in 1980, is a Federal Government initiative under Board of Investments, created to improve exports fromPakistan by attracting foreign investors, providingan enabling environment andcreating job opportunities. Some of the incentives given by EPZA include, developed land, duty-free import of material, equipment & machinery, exemption from national import regulations, exchange control, repatriation of capital and profits, sales tax relaxation on utility bills, duty-free vehicles allowed, discounted tax @ 1%.
Midas Safety is a leading manufacturer and exporter of Personal Protective Equipment (PPE) and Industrial Clothingpresence in 13 countries. Founded 41 years ago, Midas Safety is the world’s largest private label manufacturer and the leading exporter of safety gloves from Pakistan. The Company employs over 10,500 employees across the world and sells 16,000 unique products in over 80 countries to around 120 customers. In Pakistan, the Company has 7,000 employees based at 8 manufacturing facilities in Karachi/Faisalabad. Three of Midas Safety’s units are locatedatthe KEPZ,which contributes to around 30% of total KEPZ Exports.
Over the years, the Company has continued reinvesting in its businesses and operations and as a result, havestate-of-the-art manufacturing facilities in Pakistan, Sri Lanka, and Bangladesh with latest machinery, equipment and systems including robots. The operations are integrated backward to the point of spinning own yarns and weaving fabric, and downstream up to the distribution of PPE to the end-user. Supported through a strong Technical and Research and Development (R&D) backbone, the Company works closely with customers and also partners with leading universities and technical organizations to develop new materials and innovative products of high quality.
Midas Safety is also proud of the strong organizational culture that it nurtures. The strong values the organization cherishes such as respect, integrity and developing personal and professional capabilities of employees, are reflected through processes, procedures and through the actions of leadership teams.
The Company’s believes its CSR initiatives contribute to making the world a better place for the future generations and strives to discover new ways to support those in need all over the globe by focusing on Education and Healthcare, vocational training, welfare, microfinance and Islamic Studies. Through various initiatives, Midas Safety contributes over USD 1 Million annually to support its CSR strategy. Some of these partnerships and collaborations include;
Partnering forthe placement of 500 females from middle to low-income families in the tech industry, providing them with a skillset to launch freelance careers which are financially lucrative and offering opportunities in better working environments.
Partnering with technology companies to provide children in Pakistan access to high-quality educational content though online applications.
Women Empowerment Project with JICA to encourage females living in remote areas to come forward and financially support their families.
Indus Hospital and Shaukat Khanum to conduct blood donation drive across the organization including our Workers and Management Staff. And also, to support them financially to provide health facilities to unprivileged.
Upgrading schools in areas where our workers live to create partnerships and benefit our workers, their families and others in the localities.
Midas contributed to over USD 1.5 Million to help the world to fight the Covid-19 crises. Specifically in Pakistan, Midas Safety collaborated with multiple NGOs in the fight against COVID-19 by providing 2.5 million surgical gloves to the Government of Pakistan for healthcare workers, financial support to Agha Khan, Shaukat Khanum and The Indus Hospital.
For Midas Safety, the commitment to CSR is demonstrated and reflected in all aspects of manufacturing operations. The Company’s Health, Safety and Environment (HSE) programmes focus on making workplaces safer and empowering employees to carry the safety mindset to their homes. Over the years, the Company’s focus on reducing injuries and making the workplaces safer, is reflected in an enviably low injury rates and millions of safe manhours which are appreciated by renowned global customers. The partnerships with UNDP, ILO, Hunar Foundation and Aman Tech on worker skill-development and encouraging female participation, reflect the Company’s commitment to improve livelihood.The Company further strengthened its Sustainability drives to reduce the impact on the environment and looks forward to the green office certifications from the WWF other than aiming for international certifications from reputed international certifying bodies. Midas Safety has chalked out a broad strategic roadmap with targets for the next 5 years; one such target is being "Carbon-Neutral" and hasinvested close to USD 12 million to move towards renewable energy and waste recycling.
The Company’s strategic plan will result in more employment opportunities, higher returns to National Exchequer, extending contribution to economy and society, and increasing Pakistan’s presence globally.The focus on new automation, robotics and innovation, will help to increase exports and increaseMidas Safety’s capacity to serve customers even better, to continue to further strengthening its position as to become the leading industrial glove manufacturer.
Copyright Business Recorder, 2021