Lahore, July 10, 2017 (PPI-OT): Digitalizing and revolutionizing small industries should be the new SME policy adapted by Pakistan. It was stated by Shah Faisal Afridi, founder president Pak China Joint Chamber of Commerce and Industry during a meeting with Mr. Wang Zihai, president PCJCCI and Moazzam Ghurki, Vice President PCJCCI.
Faisal Afridi maintained that it is in domestic markets and small industries that all sort of innovation and entrepreneurship can take place which later will move out and lead to higher exports and foreign exchange earnings. The small shopkeeper, the rerhi wala, the unskilled labourer contains the largest number of small and medium enterprises and If we make this sector boom we will have a more egalitarian development, said Faisal Afridi.
Faisal Afridi suggested that Trade policy should not only be for promoting exports but for promoting all trade both at home and abroad. We have to redesign our trade policy, centered to encourage competition, create opportunities and provide an enabling environment for domestic markets to flourish in an innovative and exciting new approach.
Faisal Afridi told that the Domestic markets and small industries in Pakistan primarily includes retail and wholesale traders, restaurants and hotels, construction, transport storage and communication, financial and real estate and personal services. According to Afridi, this sector is also where the poor and the middle class are hidden. We do not need to reinvent the wheel, it is only through competition with foreign markets and services that our domestic markets will improve and benefit through knowledge spillovers, learning by doing and exposure to new technologies and management systems, he added further.
Faisal Afridi enthusiastically reiterated that the Public and Private sector should follow a vibrant vision of transforming Pakistani cities into a dynamic commercial hub of the region-a tourist destination, a shopping Centre, regional headquarters for Multinational Corporation etc. We in Pakistan must encourage fresh thinking and allow technical people into government to make good things happen, said Afridi.
Adding to this Mr. Wang Zihai expressed that when we look at the success stories of international brands and the innovative individuals behind them, we see that many have started off from humble beginnings. He informed that in several East Asian countries including Malaysia, Thailand, Hong Kong, Singapore and China, spaces are allocated for temporary stalls to be set up resulting in the now famous night markets. These vibrant markets are one of the biggest tourist attractions in their cities, he added.
According to Mr. Wang, Entrepreneurs and innovators need neighbourhood markets to perfect their products, brands and recipes, which they will then export. Mr. Wang being an expert economist emphasized on in-depth analysis before formulating any policy, only with the help of in-depth analysis, a better policy framework could be devised. Added Mr. Wang Zihai.
In the Continuation of the positive discussion, Moazzam Ghurki highlighted that before policy making, it should be investigated that why locally successful brands have been unable to become well-recognized brands globally. He appreciated the idea of more small markets and bazars for local vendors and traders shared by Faisal Afridi. Bazaars not only provide new opportunities and space to set up business for entrepreneurs, they also promote local arts and crafts and attract tourists, which generates valuable foreign exchange for our economy, said Moazzam Ghurki.
It was jointly agreed that the proposed strategy should be focused on improving the quality and quantity of wholesale and retail outlets, ultimately linked to urban management and land use. These policies will definitely transform the current scenario of Domestic market with special focus on “promoting successful business through encouraging trade, entrepreneurship and innovation and providing fair and efficient markets for the welfare of all Pakistan.
For more information, contact:
Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)
Mega Tower, 309 – 6th Floor,
Main Boulevard, Gulberg II,
Lahore, Punjab – Pakistan
Tel: +92-42-35777460-02, +92-42-37032203, +92-42-35874353