In keeping with the Pakistan Financial Survey 2022, a constructive spike was noticed in financial indicators of the Pakistani financial system in 2021-22. The GDP progress was noticed as 5.97 p.c. A progress of 4.4 p.c within the agriculture sector and seven.2 p.c within the industrial sector was noticed. Thirty-nine p.c progress was noticed in exports of products and providers. The general quantity of the financial system crossed the road of $67 billion. In keeping with the Pakistan Bureau of Statistics, the commerce quantity of the Pakistani financial system positively elevated from the 12 months 2000 to 2022.

Little question, 2021-22 remained good for the Pakistani financial system however however, the import invoice additionally elevated. Import invoice of oil elevated by 95.9 p.c to $17.03 billion in 2022 from $8.69 billion throughout the identical interval final 12 months. LNG witnessed a rise of 82.90 p.c, whereas LPG imports jumped by 39.86 p.c throughout 2022. Electrical energy era from coal reached 5280 MW. Thar coal contribution is 1320 MW and it’ll additional enhance in 2023. Total Pakistan’s import invoice elevated 43.45 p.c to $80.51 billion throughout 2021-22, up from $56.12 billion, only a 12 months in the past.

Surprisingly, non-energy imports remained the primary contributor to elevating the import invoice. It is very important establish that the worth of imports of commodity group 29 “natural chemical substances” to Pakistan totaled $2.12 billion-plus. Elevated demand for import was noticed in reside animals, animals merchandise, vegetable merchandise, ready foodstuffs, drinks, vinegar, tobacco, mineral merchandise, chemical substances, plastics, rubber, leather-based, wooden articles, fibrous cellulosic materials, textile articles, footwear, articles of stone, articles of mica, treasured or semi-precious stones, base metals, equipment, mechanical home equipment, autos, plane, vessels, transport tools, optical devices, photographic devices, arms and ammunitions. Imports of all these things brought about an enormous enhance in import payments which isn’t good for such economies like Pakistan.

With industry-academia collaboration, it’s potential to seek out new methods to scale back dependence on imports or imported uncooked supplies. It could be good to innovate strategies to devour native uncooked supplies to fulfil industrial wants and to modernize agriculture to cope with the prevailing challenges associated to meals safety within the nation.

For monetary stability, it’s a want of time to chop down the import invoice by taking explicit precautions. In agriculture, there’s a want for analysis to seek out new strategies to extend per-acre yields. Such progress will assist to scale back import payments. It’s a want of time to develop indigenous natural pesticides. There’s a want to advertise natural fertilizers and academia should discover methods to show native natural supplies into inexperienced fertilizers. There may be have to develop strategies to mechanize agriculture. To cut back chemical substances import, academia and {industry} should devise strategies to provide such chemical substances regionally, for instance manufacturing of Ethanol fromcCorn– could be efficient to scale back the import invoice. Date serum and date leather-based, Mango pulp processing and mango leather-based, dairy (milk) merchandise all have the potential to deliver a big enterprise. Native manufacturing of fertilizers and pesticides additionally would enhance the nation’s export.

Academia should play its function within the growth of the native solar energy {industry}. It’ll cut back the import of energy era equipment and can present a inexperienced power supply. Lecturers and the federal government should devise methods to develop the indigenous {industry} for the manufacturing of artificial fibre, and artificial and synthetic silk yarn to scale back textile import. It’s crucial to advertise Biodiesel derived from corn oil which is a gas substitute for diesel. There’s a have to modernize meals processing, for instance meals preservation, packing and exporting. Academia and {industry} should collaborate for the native manufacturing of large-scale industrial-use chemical substances, as a substitute of importing them.

In such a state of affairs the efficient contribution of universities or academia may change the equation. In Pakistan, universities should develop a research-oriented surroundings to work on the indigenous issues associated to agriculture and {industry}. Universities should contribute to devising new methods of manufacturing by utilizing native uncooked supplies as a substitute of imported ones.

On this regard, Khwaja Fareed College of Engineering and Info Know-how is contributing to addressing the issues of agriculture and {industry} by creating a research-oriented surroundings. To attain priceless milestones in analysis & innovation new labs had been established on the campus. Within the final two years, 18 PhD and 13 new MS programmes had been regularly initiated in engineering, data expertise and bodily sciences. Greater than 1500 analysis students at the moment are engaged in analysis actions which can be aligned with the wants of native agriculture and {industry}.

The outcomes of such measures had been noticed as accepted analysis grants price greater than Rs.450 million. Within the final three years, KFUEIT has received 29 NRPU analysis grants which had been introduced by the Increased Schooling Fee of Pakistan. The variety of analysis publications elevated from 153 to 1342 and the general affect issue elevated from 510 to 4172. KFUEIT researchers contributed to 23 books and 148 guide chapters which had been revealed internationally. There’s a have to strengthen the bond between such universities and {industry}.

With industry-academia collaboration, it’s potential to seek out new methods to scale back dependence on imports or imported uncooked supplies. It could be good to innovate strategies to devour native uncooked supplies to fulfil industrial wants and to modernize agriculture to cope with the prevailing challenges associated to meals safety within the nation. The revamping of agriculture and innovation within the chemical {industry} on fashionable traces will assist to scale back the import invoice of the nation. It’s crucial for the steadiness of the financial system and a affluent Pakistan.