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Lahore School Conference on Management of Pakistan Economy concludes

Lahore School of Economics Eleventh Conference on Management of Pakistan Economy concluded in Burki Campus this afternoon.


Earlier, the second day of the Conference opened with a session on finance and industrial development. The first paper in this session by Dr. Shakil Faruqi (Professor of Financial Systems at Lahore School of Economics) focused on how development finance institutions can be used to promote industrial growth in the country.


The second paper in this session by Imran Ahmad (Additional Director of Infrastructure Housing & SME Finance Development at State Bank of Pakistan) presented a detailed profile of flow of credit to the manufacturing based small and medium enterprises in Pakistan. The study showed that flow of financing to the manufacturing sector witnessed gradual and steady increase in absolute terms; however its share in total industry credit saw a sharp decline over a period of nine years, while financing to manufacturing SMEs after witnessing a declining trend saw an increasing trend over a period of six years.


The second session of day two focused on the importance of promoting innovation and building technological capabilities. The first paper in this session was presented by Dr. Irfanul Haque (Special Advisor at the South Centre, Geneva) that explored the ingredients of a coherent industrial development program for Pakistan. According to this paper, an effective industry policy must focus on: (i) reducing the incidence of management failures (ii) creating and strengthening Pak firms’ links with the global value chains (iii) defining Pakistan’s strategic interests in regional trade and (iv) making domestic competition a force for enhancing firm-level productive efficiency. Dr Rajah Rasiah (Professor of Economics at University of Malaya) presented a paper (jointly written with Nazia Nazeer) that argued that Pakistan requires a dynamic industrial policy that should focus on technological up-gradation of the country’s existing manufacturing sectors and the creation of competitive advantage in high value added sectors in order to achieve sustained long term economic growth. The final paper in this session was presented by Dr. Akbar Noman (Senior Fellow at the Initiative for Policy Dialogue (IPD) at Columbia University). This paper examined the implications of recent theoretical and empirical work on leaning, industrial and technology (LIT) policies for Pakistan’s economic revival.


The third session of day 2 focused on challenges faced by Pakistan’s manufacturing sector in a global setting. The first paper in this session was presented by Dr. Khalil Hamdani (Visiting Professor at the Graduate Institute of Development Studies, Lahore School of Economics) who argued that there is a need for Pakistan to be actively engaged in globalization. The paper presented main features of globalization and also suggested how these can be tapped in ways that modernize the country’s industrial sector and also integrate the economy into international production. The next paper in this session was presented by Dr. Safdar Sohail (Pakistan’s Economic Minister to European Union Brussels). This paper explored the reasons and implications of the popularity of geo-economic narratives in the context of the country’s trade policy. The paper concluded that a successful trade policy must keep a fine balance between the geo-strategic environment in the region and market considerations while making regional integration choices. Dr. Hanns Pichler (from Vienna University of Economics and Business) presented the last paper of this session. The paper highlighted the importance of small and medium enterprises and the significance of formulating SME-conducive policies.


Day 2 of the conference ended with a panel session titled ‘Towards a strategy for Pakistan as a regional manufacturing hub’. It was conducted jointly by Dr. Rashid Amjad (Professor of Economics and Director, Graduate Institute of Development Studies, Lahore School of Economics) summarized the main messages from the two-day Conference.

Large number of distinguished economists, academicians and policymakers from both the national and international platforms attended the two-days Conference.
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posted by S A J Shirazi @ 3/26/2015 05:00:00 PM,

Lahore School Conference on the Management of the Pakistan Economy


The first day of the Eleventh Conference on the Management of the Pakistan Economy hosted by the Lahore School of Economics was opened up with a welcome address by Dr. Shahid Amjad Chaudhry. The keynote speaker was Dr. Robert Wade (Professor, London School of Economics). He said that before 1980’s it was widely understood that development meant rising overall “prosperity” and that heavy investment in infrastructure and in industry were key drivers. After the mid 1980’s the content of development came to be “extreme poverty reduction”, “humanitarian assistance”, “primary school education”, “primary health care”, “anti-corruption”. Why this change? He argued that it was due to several factors: (1) the end of the Cold War, and the resulting change in the geopolitical strategy of western states led by the US; (2) the increasing strength of “post-materialist” values in developed countries and their translation into the content of western development thinking (eg World Bank, USAID, DfID); (3) business interests in the West; and (4) continued western control of inter-state organizations that are meant to be organizations for the world (eg World Bank).


The first session’s theme was Policy Environment and Manufacturing Performance.The first session was chaired by Dr. Ishrat Hussain (Dean and Director, Institute of Business Administration). He emphasized the importance of Pakistan as a regional manufacturing hub and how industrial policy can cater to all vital sectors. Macroeconomics stability and a favorable policy environment is likely to lead Pakistan towards economic growth. Dr. Inayat Mangla (Professor, Western Michigan University) analyzed the impact of macroeconomic environment on Pakistan’s manufacturing sector emphasizing in particular the role of monetary and fiscal policies in shaping incentives for industrial investment. Furthermore he argued that macroeconomic stabilization policies have often failed to produce the desired results owing to lack of coordination between monetary and fiscal policies.Though recent macroeconomic indicators show some improvement, fundamental weaknesses remain. In particular, the recent improvement in the current account deficit is driven largely by high inflow of remittances coupled with financial engineering such as payments from the IMF, friendly money, EU bond issue and ‘Islamic Sukuk’. Dr. Hafiz Pasha (Professor Emeritus, Lahore School of Economics) discussed the implications of varying incidence of taxes and subsidies on industries. In doing so, it quantifies the effective levels of protection to different industries and the value of export incentives.


Dr. Matthew McCartney Director of South Asian Studies, University of Oxford) established evidence that the exchange rate was managed in a way that should have helped a more liberalized trading regime contribute to economic growth. He explored wider evidence linking trade liberalization to economic growth and argues that the positive relation is at best only a contingent one. Those contingent factors that have failed to support the positive link between trade liberalization and economic growth in Pakistan are investment, tax revenue, and upgrading/learning.


The second session was on Pakistan’s Manufacturing Sector. Dr. Naved Hamid (Professor, Lahore School of Economics) explained trends in the share of manufacturing employment and value added over the last 50 years or more. According to him, it seems that turning point in Pakistan occurred in 2007. To understand the factors underlying the slowdown of the manufacturing sector, he analyzed the structural changes that occurred in the manufacturing sector over the last 30 years.


Dr. Azam Chaudhry (Professor, Lahore School of Economics) looked at how the establishment of different types of firms across the districts of Punjab has impacted district level socioeconomic outcomes in Punjab. He explained that the entry of firms has a positive impact on economic outcomes like employment and enrollment and this impact can vary by the scale of the firms that enter.


Dr. Theresa Chaudhry (Associate Professor, Lahore School of Economics) and Mahvish Faran (Lahore School of Economics) analyzed the production, management, wage practices, and quality and discussed issues related to how re-organization can spur future growth in the electrical fan and ready-made garments sector in Pakistan.


The last session of the day was on what makes manufacturing firms succeed or fail. Mr. Mujeeb Rashid (CEO, Michells Fruit Farms Limited) reviewed the business operations at Michell’s Fruit Farms focusing on supply chain efficiencies through a Rolling Sales Forecasting System supported by PDCA Concept among all operating units. He explained that together with these efforts Training and Development of Staff was undertaken to improve essential Skills and Attitudes. The resulting internally generated Value enabled the company to make new investments that would strengthen both Backward & Forward linkages to Growers and Consumers.


Dr. Shahzad Khan (Director Marketing and Sales at Getz Pharma Pvt Ltd) explained that Getz Pharma is the first and only manufacturing company in Pakistan and amongst few in the region to be certified by PIC/s. In the month of Feb, 2015 Getz Pharma initiated a ground breaking ceremony of its largest pharmaceutical plant to be constructed in South Asia at one site. It is being designed and being built to attain the WHO, US FDA and EU certifications. With US$ 300 million this Project largest investment in the manufacturing sector of Pakistan since independence. All this has been made possible because of our Vision to be the Top-10 regional, research-driven, branded-generic, pharmaceutical company with a global outlook. We will continue our journey of excellence by serving the needs of the patients and medical community worldwide.


Mr. Sajid Minhas (CEO, Delta Garments) illustrated the importance of the garment sector in the overall economic perspective is two fold. He analyzed that firstly, this sector has the potential to be the engine of Pakistan textile export growth, and secondly, it is the largest source of creating low cost employment at all levels. Pakistan’s garments and made-up exports have showed growth of over 20% in the last year. Ministry of Textile figures put it around one billion dollars of addition export in 2014. The duty free access to the EU through the GSP plus scheme has been a major cause for this healthy increase. The one major weakness - both at the firm level and the sector level – is the fact that we need to diversify and enhance our product lines. There are very few products that Pakistan offers to the export markets of the world. We need to further develop products in the man-made fibers. To achieve this we need a friendly import/export policy from the government which facilitates all, i.e Large, medium and small units as well as new entrant.
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posted by S A J Shirazi @ 3/25/2015 05:27:00 PM,

Lahore School of Economics Eleventh Annual Conference on Management of the Pakistan Economy

The Lahore School of Economics will be hosting its Eleventh Annual Conference on Management of the Pakistan Economy on 25th and 26th March 2015 at its Main Burki campus. The focus of the Conference will be Pakistan as a Regional Manufacturing Hub-Prospects and Challenges. The conference is being held as an initiative to illustrate how Pakistan can be converted into a regional manufacturing hub, what are the challenges that Pakistan faces and what policies should be implemented to develop the capabilities to improve Pakistan’s position in the global industrialization setting.


The Conference will encompass seven sessions over the two days with each session focusing on a major theme for Pakistan as a Regional Manufacturing Hub. The sessions on 25th March will focus on Why Manufacturing Matters, Policy Environment and Manufacturing Performance, Pakistan’s Manufacturing Sector,What Makes Manufacturing Firms Succeed or Fail. The areas covered in the sessions on the second day of the Conference include Finance and Industrial Development, Innovation and Buildup of Technological Capabilities-Why Industrial Policy, Challenges for Pakistan’s Manufacturing-the global setting. The conference will end with a panel discussion on the Key conclusions from the Conference, the private sector’s perspective and a policy maker’s perspective.


The Conference will bring together distinguished economists, academicians and policymakers from both the national and the international spheres. Some of the notable speakers include Dr. Ishrat Hussain, Dean and Director, Institute of Business Administration; Dr. Robert Wade,Professor of Political Economy, London School of Economics; Dr. Muslehud Din, Head of Governance and Public Policy Division; Dr. Irfan Ul Haque, Special Advisor, Financing for Development, South Centre, Geneva; Dr. Khalil Hamdani, Director (Retd) UNCTAD; Dr. Matthew McCartney, Director South Asian Studies, University of Oxford; Dr. Hafeez Pasha, Visiting Professor, Graduate Institute of Development Studies; Dr. Safdar Sohail, Economic Minister, Pakistan Mission to EU, Brussels; Dr Hanns Pichler, Professor, Vienna University of Economics and Business; Akbar Noman, Associate Professor of International and Public Affairs, Columbia University; Dr. Inayat Mangla, Professor, Western Michigan University; Dr.Rajah Rasiah, Professor of Technology and Innovation, University of Malaya; Nazia Nazeer, University of Malaya; Imran Ahmad, State Bank of Pakistan; Mr. Sajid Minhas, Delta Garments Ltd; Mr. Tariq Saigol, Kohinoor-Maple Leaf Group; Sikander Mustafa Khan, Millat Group of Companies; Mr. Mujeeb Rashid, Mitchells Fruit Farms Ltd; Mr. Shahzad Khan, Getz Pharma; Dr. Rashid Amjad, Director,Graduate Institute of Development Studies and Mr.Muhammad Zubair,Chairman, Privatisation Commission.


For further information please visit www.creb.org.pk/Conferences

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posted by S A J Shirazi @ 3/24/2015 10:48:00 AM,

Cricket World Cup in Lahore School

Happening Now


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posted by S A J Shirazi @ 3/20/2015 02:35:00 PM,

Street Children’s Day

Lahore School of Economics Marketing Society along with the collaboration of the Social Welfare Society decorated the wall of Auditorium 15 and 16 with the photos of Street Children, facts about their life, causes and effects with the hashtag #tweetforthestreet on January 31, 2015. The day was celebrated for the homeless children in Pakistan.



In real Marketing World, reputed multinational companies work a lot for the welfare of society. This not only improve their brand image but also helps them in getting the donations. Similarly, HSBC, AVIVA and TESCO work with StreetChildren.org for the betterment of all the homeless kids around the world.


The Lahore School’s crowd posted messages and photos using the hashtag #tweetforthestreet on Instagram, Facebook and Twitter. They were also asked to donate money in the charity box that was placed near the wall. The money that was collected was sent toAzad Foundation - an organization that is continuously working for the welfare of street children.

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posted by S A J Shirazi @ 3/20/2015 02:34:00 PM,

Sales Force Management

Lahore School Alumni Muhammad Ali Chaudry (Class of 2005) from FritoLays, Pepsi Co International was invited to deliver a Lecture on Sales Force Management to MBA-II students on March 7, 2015. Mr Chaudry explained how front-line force is the asset of a company and why training, development, and retention of the front line force should be the core objective. He stated that a market leader is one who has razor sharp cost structure. A company can enjoy a strong foot holding owing to its strong infrastructure which in turn, attributes to its dominance over other salty snack players in the market. The speaker mentioned that the key to the company's success lies in their firm reliance on the fundamental of EDGE (Every Day Great Execution). Mr Chaudry emphasized that retailers and market trends are the biggest alma mater for the sales.

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posted by S A J Shirazi @ 3/20/2015 08:55:00 AM,

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