LAHORE
\nThe Ferozepur Road Industrial Association (FRIA) has asked the government to take prompt measures to bring down the production costs for trade and industries to enable them to compete in the international market.
\nFRIA Senior Vice Chairman Shahbaz Aslam said that trade and industry is currently having difficulty to compete the global market because of rapid increase in production costs. He said that the high cost of production is not good for our exports.
\n\u201cThe cost of production is a major factor, which makes an industry stand out among competitors in the world market,\u201d he explained.
\nShehbaz Aslam said that high energy tariffs, shortage of fuel for machines, high rate of taxes, and lack of skilled labor are the main reasons behind the increase in the cost of production. He expressed concern that the reduction in industries\u2019 contribution to Pakistan\u2019s gross domestic product is a worrying trend. \u201cManufacturing and production industries have the potential to significantly impact economic growth by reducing unemployment in the country. The government needs to take solid steps to make doing business easier,\u201d he added. He said lack of research and development is one of the major reasons behind the increase in the cost of production in any industry.
\n\u201cSometimes we have the resources, but we make poor decisions. A poor decision means poor practices of work execution,\u201d he added. He said that R&D could help in the provision of valuable technologies, business models, and designs for the industry. \u201cImplementation of modern techniques or work practices can increase production and also reduce its costs,\u201d he added.
\nThe FRIA leader said that both external and internal issues lead to an increase in cost of production. He said Pakistan\u2019s industry is struggling in the international market due to challenges such as high inflation, political instability, increased power tariff, rising fuel costs, energy shortages, and lack of R&D.
\n\u201cAn effective strategy is needed to improve the performance of the industrial sector. The government should facilitate exporters by providing a level playing field to them in terms of business costs, particularly in utility pricing,\u201d he suggested. He said Pakistan\u2019s economy, particularly small and medium-sized enterprises (SMEs), is struggling to cope with the current economic crunch, and needs support.<\/p>\n","protected":false},"excerpt":{"rendered":"
LAHORE The Ferozepur Road Industrial Association (FRIA) has asked the government to take prompt measures to bring down the production costs for trade and industries to enable them to compete in the international market. FRIA Senior Vice Chairman Shahbaz Aslam said that trade and industry is currently having difficulty to compete the global market because […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-434333","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n