Report by Engineering Post
In today’s dynamic global economy, research and development (R&D) serves as a pivotal driver of progress, nurturing the birth of innovative products, state-of-the-art technologies and revolutionary methods to enhance market share and profit margins.
A worrisome trend has surfaced in Pakistan’s business realm — a hesitancy to allocate resources for research and development. A recent survey of firms conducted by the Pakistan Institute of Development Economics (PIDE) confirmed this rather alarming trend, with as much as 88 percent firms surveyed admitting to having zero funds on R & D in the preceding year.
A mere 0.16 percent of Pakistan’s Gross Domestic Product (GDP) finds its way into domestic R & D. This minimal allocation reflects a pervasive pattern and raises a red flag about the commitment to fostering innovation and pushing industrial progress.
There is a dire need to cultivate a culture of innovation, inspire investments in R & D, and develop a skilled labour force. Only through these concerted efforts, a path toward sustainable growth, technological advancements, and global recognition of Pakistan’s labour can be secured.
Embracing R & D is not merely an option, it is an imperative. It is the key to navigating a rapidly changing business landscape , to unlock untapped potential, and to secure a competitive edge by adopting Decent Work environment.
