Karachi, October 4, 2023: Younus Dagha, Sindh’s Minister of Industries and Commerce and Revenue, has underscored the importance of incorporating an efficient import substitution plan into Pakistan’s economic reform agenda. According to Dagha, focusing solely on increasing exports is insufficient to strengthen the national economy.
Speaking as the chief guest at the 38th Corporate Excellence Awards (CEA) Ceremony organized by the Management Association of Pakistan (MAP) in Karachi, Dagha emphasized that there is no such thing as free trade in a world divided into economic blocks. He argued that to boost exports, Pakistan must secure market space within these economic blocks.
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Dagha pointed out that market access to regions like ASEAN and the EU is limited, and, therefore, stakeholders should work together to align Pakistan’s economic mechanisms with global trends to foster development.
He also stressed the importance of developing a homegrown economic plan and reform package, asserting that policies should not be dictated by external actors.
Dagha highlighted the need for capacity building to enhance the skills, knowledge, and capabilities of individuals and institutions, ultimately contributing to good governance.
In his remarks at the event, President of MAP, Talib Syed Karim, stated that the Corporate Excellence Awards aim to guide the industry in effectively managing capital and human resources, promoting leadership, and serving as a beacon for companies striving for excellence. He emphasized that companies across all sectors need to embrace technology for accelerated growth, with artificial intelligence representing a new frontier.
The winners of various categories were also announced during the ceremony. In the Financial Category, Meezan Bank Limited was awarded the trophy, while Lucky Cement Limited received the trophy in the Industrial Category.
Winners in the Financial sector included OLP Modaraba (Modarabas), OLP Financial Services Pakistan Ltd. (Leasing Companies), Bank Alfalah Limited (Commercial Banks), Jubilee General Insurance Company Ltd. (Non-life Insurance), and EFU Life Assurance Ltd. (Life Insurance).
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In the Industrial Sector, winners included Feroze 1888 Mills Ltd. (Textile Composite), Al-Abbas Sugar Mills Ltd. (Sugar & Allied Industries), Cherat Cement Co. Ltd. (Cement), Hub Power Company Ltd. (Power Generation and Distribution), Pakistan State Oil Company Ltd. (Oil & Gas Marketing Companies), Mari Petroleum Company Ltd. (Oil & Gas Exploration Companies), International Steels Ltd. (Engineering), Pakistan Cables Ltd. (Cable and Electrical Goods), Indus Motor Company Ltd. (Automobile Assembler), Thal Ltd. (Automobile Parts and Accessories), Pakistan International Container Terminal Ltd. (Transport), Engro Fertilizers Ltd. (Fertilizer), Abbott Laboratories (Pakistan) Ltd. (Pharmaceuticals), Archroma Pakistan Ltd. (Chemical), Security Papers Ltd. (Paper and Board), and Colgate Palmolive (Pakistan) Ltd. (Food and Personal Care Products.
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Runner-up companies were presented with Certificates of Corporate Excellence.
