Lahore, September 21, 2020 (PPI-OT): While the outbreak of the COVID-19 pandemic is still a danger due to the 2nd wave, whereas the 1st wave has dealt a heavy blow to business operations of Pakistan’s small and medium-sized enterprises, there is a dire need to brainstorm for the sustainability of economic growth. It was stated by Mr. Zarak Khan, President Pak-China Joint Chamber of Commerce and Industry (PCJCCI) during a panel discussion “Development strategies to sustain growth” held today at the PCJCCI premises.
Mr. Zarak Khan, President PCJCCI informed that Mr. Zarak Khan, President PCJCCI added, China is now 40-50 percent fully digitalized, we can also achieve this goal for the country’s economic recovery and development. He said, “As we all are aware that traditional offline businesses stagnant and online business activities flourishing in the pandemic era, we should speed up our SMEs are to digital transformation in an effort to adapt to the “new normal”. Covid-19 is a global public health crisis which has hit the fast-forward button for smaller and medium businesses, he said adding that our country should embrace digital changes that are crucial for the long-term development of every sort of business, as we have no idea regarding the upcoming crisis of 2nd wave of Covid-19.
Mr. Moazzam Ghurki, Senior Vice President PCJCCI said that, we are making efforts to promote research and development in the field of digitalization. For instance, Traditional business models in the apparel industry have customers buy clothes that are produced. If we use digital tools to help us with R and D, we can change that model and produce clothes based on the needs and preferences of customers. This way, the problem of excess inventory can be eased. He further added, that we should adopt contemporary techniques and ideas for the sustainable growth of economy.
Mr. Salahuddin Hanif, Secretary General PCJCCI said that Chinese companies were enable to generate 70 percent of the revenue of a year; about 300 million yuan ($43.8 million) in a month during the 1st wave of the pandemic. We, too, should learn from their ideas and modern technology adopted by China in this regard, he said and adding that the South China metropolis, which is known for its private sector vitality, is home to more than 2.15 million SMEs, which account for over 99 percent of its total economy. He urged to equip Pakistani SMEs with the same level of digitalization in our business operations that will minimize the negative impact of any pandemic like Covid-19 or epidemic like Dengue in Pakistan.
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