‘Development research must for economic growth’
Staff Report

ISLAMABAD—Technical Director, Emerging Market Group (EMG), Joe Lowther and Development Specialists EMG, Ms. Rafia Qureshi here on Tuesday visited Islamabad Chamber of Commerce to identify problems faced by the business community and coordinate with the chamber on various projects.
During the meeting, the ICCI president Ijaz Abbasi informed them that the chamber was working on a project to establish a Research and Development Cell to facilitate the business community of the Federal Capital.
Under this project, he said, need assessment survey will be conducted which would be followed by evaluation of studies and there by specific programs would be devised for business community.
He was of the view that Pakistan needed to give attention towards research and development studies for which he said small amount was being spent by the concerned authorities.
President Islamabad Chamber of Commerce and Industry said that skill development was important for the economic growth of Pakistan, which needed to be focused.
He said that there was shortage of business consultants which force Pakistani companies to hire services of foreign consultants.
He was of the view that government had been offering financing in many areas but the markup rates were high, hence discouraging the business community to take loans for setting up new businesses of expanding the existing ones.
Joe Lowther, giving details of the Emerging Market Group, said that it was an international development consulting firm with over 20 years of experience in South Asia.
He said that EMG provides innovative solutions to development challenges in agri-business and rural livelihoods, financial services, healthcare, private sectors development, public sector services, human capacity development and tourism.
Joe said that EMG promoted more effective financial sector supervision by helping the State Bank of Pakistan to support accurate and transparent data reporting by financial institutions.
He said that EMG has completed various projects in Pakistan and expressed willingness to work with ICCI on some projects indicated by the Chamber.
He said that EMG group would coordinate with Chamber on the establishment of R&D cell, help produce local consultants with foreign consultant’s training, establishment of vocational and skill development institutes.
He said that on project evaluation, EMG would assist Chamber for arranging grants by international organizations.
The meeting was also attended by Waqas Masud, former Executive Member and Majid Shabbir, Secretary General ICCI.