State Engineering Corporation (SEC) Chairman Syed Kaukab Mohyuddin has said that industries should adopt latest technology and machinery to catch up with the world in trade and exports and in case of failure they will perish in the race for progress.
“Domestic industry should focus on its upgrading in order to establish effective joint ventures and partnerships with Chinese counterparts under CPEC (China-Pakistan Economic Corridor),” Mohyuddin said during a visit to the Islamabad Chamber of Commerce and Industry (ICCI).
He pointed out that the industry around the world had adopted fifth generation technology and machinery to grow fast, but the industry in Pakistan was still running on second generation technology due to which the country was lagging behind in industrial development.
Highlighting the role of SEC, he said the corporation was working to promote industrialisation by manufacturing capital goods and heavy machinery through utilising domestic resources and acquisition of state-of-the-art technology. Heavy Electrical Complex, Pakistan Machine Tool Factory, Pakistan Engineering Corporation and Enar Petro-tech Services are working under SEC.
Mohyuddin emphasised that these companies had developed a strong engineering base for the design and manufacturing of a variety of light, medium and heavy engineering products.
He asked small and medium enterprises (SMEs) and the domestic industry to take benefit of the infrastructure and expertise of these companies in order to improve their productivity. He assured businessmen that SEC, in collaboration with the ICCI, was ready to support the SMEs in upgrading their units so that they could achieve better growth.