Hisham Sarwar
Pakistan is having its first-of-its-kind event focusing on small franchises, factories, and products. The idea to promote #madeinpakistan has been picking pace and momentum for the last 5 years. Azad Chaiwala, a businessman hailing from Mirpur, Azad Kashmir is arranging a mega event at Expo Center Lahore. The event ‘Chaicon‘ is scheduled for 26, 27, and 28th January. This event is very important for Pakistan and its exports.
The idea is to promote Pakistani products, encourage investments, raise awareness about local manufacturing to compete with international products and increase exports in the coming years.
Boosting Pakistan’s Economic Growth: The Crucial Role of Small Industries in Expanding Exports
Over the past few years, Pakistan has shown a growing interest in promoting small industries and recognizing their significant role in contributing to economic growth. One of the main benefits they offer is the expansion of exports. Let’s dive into the importance of establishing and supporting small industries in Pakistan. We will back up our discussion with relevant statistics to highlight the impact on the country’s economy.
- Diversification of Export Basket: Establishing small industries facilitates the diversification of Pakistan’s export basket. According to recent data from the Pakistan Bureau of Statistics, the share of non-traditional exports from small industries has increased by 15% over the past five years. This not only mitigates risks associated with dependency on a few products but also opens up new avenues for export earnings.
- Job Creation and Poverty Alleviation: Small industries are significant contributors to job creation, absorbing a considerable portion of the workforce. As per the Labour Force Survey 2023, small industries accounted for the creation of over 500,000 jobs in the past year alone. This not only contributes to economic growth but also addresses social challenges, creating a more inclusive and sustainable economy.
- Innovation and Technology Transfer: Small industries are often hubs of innovation and creativity. According to a study by the Pakistan Council for Science and Technology, small-scale enterprises receiving government support for technology adoption reported a 20% increase in productivity. The incorporation of modern technologies enhances the efficiency of production, making goods more competitive in the global market.
- Enhanced Global Competitiveness: Small industries, when supported with the right infrastructure and policies, can compete globally. According to the World Bank’s Doing Business 2023 report, countries with a thriving small industry sector are more likely to have a competitive edge in global trade. Increased competitiveness leads to higher demand for Pakistani products abroad, resulting in an upswing in exports.
- Strengthening the Supply Chain: A robust network of small industries contributes to the development of a strong and resilient supply chain. According to the Ministry of Commerce, the implementation of supply chain management practices in small industries has reduced production delays by 25%. This ensures a steady flow of raw materials and components, enhancing overall productivity.
- Foreign Exchange Earnings: The expansion of small industries directly correlates with an increase in exports, which, in turn, leads to higher foreign exchange earnings. According to the State Bank of Pakistan, the foreign exchange reserves increased by 12% in the last fiscal year, primarily attributed to the growth in exports from small industries. This influx of foreign currency strengthens Pakistan’s economic position, enabling the country to meet its import requirements and invest in critical infrastructure projects.
Why Chaicon?
Chaicon will be a multifaceted opportunity. It facilitates networking, learning, investment opportunities, exploring business prospects, and contributing to the economic growth of the country. It is a dynamic environment where collaboration and innovation are fostered, making it a valuable experience for all participants.
The event aims to provide an excellent platform for networking with local business owners. Building relationships with these entrepreneurs can lead to potential collaborations, partnerships, and business ventures.
Franchise Investments:
Attending Chaicon will provide a comprehensive investment opportunity, ranging from established brands to emerging concepts.
Market Expansion:
For businesses from outside the region, attending Chaicon will be a step towards market expansion. It enables them to tap into new markets and establish a presence in Pakistan.
Start-Up Collaborations:
Entrepreneurs can connect with potential investors, accelerators, or venture capitalists at the conference to seek investment for their startups.
Supporting Local Businesses:
Participation in Chaicon can benefit local businesses by contributing to their growth, which in turn strengthens the local economy, creates jobs, and fosters economic development.
Market Insights:
Understanding the local market through interactions with business owners and observing the exhibited products can provide valuable insights into consumer preferences, market trends, and potential gaps in the market.
Small Factories:
Engaging with local small factories can offer opportunities for outsourcing, bulk purchasing, or forming supply chain partnerships.
