The EU Pakistan Business Forum, NICL emphasised the need for innovation in SMEs.

ByPress Release | Published date:
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An EU business forum was held to explore ways for expanding trade with the European Single Market and taking advantage of GSP+ to recognise the importance of small and medium-sized enterprises (SMEs) in Pakistan's economic activities. The EU. Delegates from the government, European Member States, local industry, and academia came together for a day-long event held at a local hotel in Lahore and attended by over 100 people.

Saleem Ahmad, Chairman of the National Incubation Centre Lahore (NICL) at LUMS, made a strong argument for corporate innovation to boost productivity and competitiveness. According to him, "Pandemic-driven market distortions and supply chain interruptions have created an opportunity for innovation and technology leapfrogging."

He gave substantial data to support his claim. To compete with game-changing entrants, small and medium-sized enterprises (SMEs) must replicate a start-up culture, upskill their human resources, and adopt an entrepreneurial attitude to protect their turf and achieve global competitiveness through quality and cost-efficiency. Furthermore, SMEs can contribute to closing the productivity gap in the country by making use of innovation and technology.

As a result, the GDP growth in Pakistan can be increased by more than 6%, with a productivity gain of 2-3%.

Mr Ahmad explained how small and medium-sized enterprises (SMEs) might use incubation centres like the NICL at LUMS as innovation and networking hubs.

He has led NICL in a new direction, shifting its focus from venture incubation to mass human capital development, utilising applied skills training and corporate innovation as a means of doing so. He accomplished this by combining applied research with industry participation to address Pakistan's most pressing issues.

AndroullaKaminara, the EU's ambassador to Pakistan, praised NICL's work in bringing global best practices to Pakistan and establishing connections with institutions to foster technological innovation and increase access to professionals. She urged the spread of this strategy to help Pakistani SMEs export.

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