Caretaker Minister of Industries, Commerce and Revenue YounusDagha has said that we need to have efficient import substitution plan as part of our economic reform agenda because only increasing exports would help the national economy.
“There is no such thing as free trade in the world which is divided into certain economic blocks and unless we have market space there we cannot increase exports,” said Dagha while speaking as the chief guest at the 38th Corporate Excellence Awards (CEA) Ceremony organized by the Management Association of Pakistan (MAP) here in Karachi on Wednesday.
He added that ASEAN and EU markets are for limited period of time and we don’t have enough market access therefore stakeholders should work to upgrade Pakistan’s economic mechanisms to align with global trends and foster development.
“We have failed to have our own economic plan and we don’t have own economic reform package,” said Dagha،adding that nobody should dictate policies to us and policies should be homegrown.He underlined the importance of capacity building to enhance the skills, knowledge, and capabilities of individuals and institutions for good governance. On the occasion, President MAP Talib Syed Karim said that the Corporate Excellence Awards aspire to guide the industry in managing capital and human resources effectively, paving the way for leadership and serving as a beacon for those companies aspiring to achieve the same.
He added that companies operating in any domain need to revolutionize their operations by inculcating technology and its wonders for accelerated growth. “Artificial intelligence is the new frontier for companies aiming for excellence, as scientists and engineers envision a future that will usher us into the next era of the Industrial Revolution,” he accentuated.
Meanwhile, the winners of different categories were announced as trophy winner in the FinancialCategory was Meezan Bank Limited while the trophy winner in the Industrial Category was Lucky Cement Limited.
The winners in the Financial sector were: OLP Modaraba (Modarabas), OLP Financial Services Pakistan Ltd. (Leasing Companies), Bank Alfalah Limited (Commercial Banks), Jubilee General Insurance Company Ltd. (Non-life Insurance), and EFU Life Assurance Ltd. (Life Insurance).
The winners in the Industrial Sector were: Feroze 1888 Mills Ltd. (Textile Composite), Al-Abbas Sugar Mills Ltd. (Sugar & Allied Industries), Cherat Cement Co. Ltd. (Cement), Hub Power Company Ltd. (Power Generation and Distribution), Pakistan State Oil Company Ltd. (Oil & Gas Marketing Companies), Mari Petroleum Company Ltd. (Oil & Gas Exploration Companies), International Steels Ltd. (Engineering), Pakistan Cables Ltd. (Cable and Electrical Goods), Indus Motor Company Ltd. (Automobile Assembler), Thal Ltd. (Automobile Parts and Accessories), Pakistan International Container Terminal Ltd. (Transport), Engro Fertilizers Ltd. (Fertilizer), Abbott Laboratories (Pakistan) Ltd. (Pharmaceuticals), Archroma Pakistan Ltd. (Chemical), Security Papers Ltd. (Paper and Board), and Colgate Palmolive (Pakistan) Ltd. (Food and Personal Care Products.
