Innovation termed vital for industrial progress

STAFF REPORT LHR: There is an urgent need for extensive research and development (RandD) activity to enable the manufacturing sector to produce innovative, user-friendly and value-added products.

Faisal Afridi, President PCJCCI, expressed these views while speaking at a seminar on the “Positive impact of innovation on economy” at the chamber premises in Lahore.

He highlighted Pakistans weakness in making innovations and its adverse effects on the economy.

He added Pakistan could achieve the value-addition targets only by adopting innovative practices as they are the main vehicles for organisational development.

He lamented that in manufacturing little or no attention had been paid to the effects of innovation on the economy and urged the business community as well as the government to allocate special funds for research and development.

“A proper exploitation of technology strongly influences business competitiveness, which is no longer a matter of choice but of survival in the marketplace,” he said.

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