Govt should support local manufacturing by providing incentives

Mr Diwan Fakhruddin welcomes international delegates to the 29th HVACR Expo

Mr. Diwan Fakhruddin, the CEO of Fakhri Group of Companies, commands a prominent position in Pakistan’s HVACR industry and the broader business landscape. Leading the charge for stronger trade relations between Pakistan and the United Arab Emirates (UAE), Mr. Fakhruddin serves as the Chairman of the Pak-UAE Business Council (PUBC) within the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

Continuing his pivotal role in strengthening trade ties, Mr. Fakhruddin’s reappointment as Chairman of the PUBC underscores his steadfast commitment to advancing economic cooperation between Pakistan and the UAE. With his tenure extended till 2024-2025, he remains dedicated to exploring avenues for mutual growth and investment.

Under his leadership, Fakhri Brothers has emerged as a stalwart in the HVACR sector since its establishment in 1972. Situated in Karachi, the company boasts authorized dealership and stockist status for nearly 25 esteemed global companies.

Due to the diverse portfolio being managed by the Group, Fakhri Brothers has the ability to Cater to a diverse clientele spanning textiles, automobiles, finance, education, pharmaceuticals, hospitality, healthcare, and food processing, Fakhri Brothers has cemented its reputation as a go-to provider for HVACR solutions.

During a recent exclusive conversation with Engineering Post he emphasized the significance of collaborative efforts like the HVACR Expo which are attended by international businesses. He stressed the pivotal role of such partnerships in fostering bilateral trade and facilitating technology exchange.

“Our focus should extend beyond mere trade transactions to encompass robust technology transfer, ensuring our industries remain competitive on a global scale,” he articulates. Global collaborations with international players provide the country with the opportunity to not only increase imports and exports, but also to work on technology transfer from international players.

On behalf of the Pak-UAE Business Council (PUBC) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), I extend a warm welcome to delegates from Turkey, China, and other nations attending the 29th HVACR expo Lahore,” he said.

Addressing the challenges confronting local manufacturers, Mr. Fakhruddin advocates for governmental support to bolster competitiveness. He calls for measures to alleviate burdens such as high electricity prices and borrowing cost, which impede the sector’s global competitiveness. “Reducing energy costs and borrowing cost, immediately is imperative to empower our industries to thrive in the international market.

In this regard we also met with the finance minister recently and demanded that the government start working on decreasing energy costs to support the local businesses. “He asserts.

Despite challenges, Mr. Fakhruddin remains optimistic about Pakistan’s industrial potential as long as the manufacturers start getting incentives from the government. “The government should start supporting the manufacturers otherwise they will leave the country just like Dawlance did. Dawlance has relocated to the UAE where energy is cheap and here they are manufacturing products with the “Made in Pakistan” label. We possess immense potential, but it necessitates supportive policies and robust enforcement mechanisms to harness it fully,” he affirms.

In regards to the substandard / copied products available in the Pakistani market he urged the government to take strict action on the substandard / copied products especially the smuggled ones “Smuggled products take a huge chunk on the business from genuine companies. Usually their quality is substandard but due to low prices people end up buying those products and incurring huge losses in the longer run,” he explained.