Page 11 - CMA Journal (Jan-Feb 2024)

E XCLUS I VE I N TERV I EW

By documenting the entire supply chain, the government
can create a more transparent and fair business The Chambers should enhance their

environment. A stable exchange rate is vital for businesses

to plan their investments and operations effectively. Cross- research capabilities to thoroughly

subsidies burden industries and lead to inefficiencies.

Privatizing the energy sector can lead to more efficient understand the challenges and

management of resources, reduced corruption, and opportunities faced by different

increased investment.

industries and conduct comprehensive

ICMA: How can the private sector, especially Chambers of

Commerce and Industry, actively contribute to improving studies to provide valuable insights to

resilience inPakistaniindustries?

Musadaq Zulqarnain: In my view, Chambers of Commerce policymakers, advocating for business-

and Industry have become ineffective due to a lack of friendly reforms

research and advocacy capabilities. One major reason is the

conflation of commerce with industry. The Chambers

should enhance their research capabilities to thoroughly ecosystem. Investing in diverse energy sources, such as

understand the challenges and opportunities faced by renewables (solar, wind, hydropower), is crucial to reduce

different industries and conduct comprehensive studies to dependence on fossil fuels. While the use of coal is not

provide valuable insights to policymakers, advocating for favored, Pakistan is heavily dependent on imported fuels;

business-friendly reforms. They should actively engage in therefore, we should not shy away from employing the use

constructive dialogue with government bodies to facilitate ofindigenous coaltogenerate electricity.

the development of policies that foster a conducive

ICMA: What role do you think academia should play in

business environment, serving as a bridge between

supporting industry resilience inPakistan?

businesses andpolicymakers.

Musadaq Zulqarnain: Academia needs to adopt an

There should be a clear differentiation between

approach that aligns with global demands. In general,

commercial and industrial interests within the Chambers.

universities and institutes in Pakistan are significantly

Establishing separate focus groups or committees for

specific industries can allow for a more targeted approach, lagging behind their counterparts inother countries. Rather

addressing the unique challenges faced by each sector. than havingnumerous universities, thereisaneed forfewer
Chambers should also develop collaborations with institutions with enhanced research and innovation

facilities. Academic institutions can play a crucial role in the

international Chambers of Commerce to promote trade,

overall economic development of the country by aligning

investment, and knowledge exchange. This can open up

new avenues for Pakistani industries and enhance their their programs with the evolving needs of industries,

resilience bydiversifying markets. understanding current and future skill requirements,

technological advancements,andmarket trends.

ICMA: How does the irregularity in power and energy

Prioritizing world-class research andinnovation isessential.

supply impact the resilience of industries in Pakistan?

What isthewayforward? Integrating entrepreneurship education into academic

curricula can nurture students to become future
Musadaq Zulqarnain: The government should transition entrepreneurs, contributing to the creation of resilient and

away from direct involvement in the energy sector and dynamic businesses. Establishing partnerships with

encourage private sector participation. Privatization industry through joint research projects, internships, and

would introduce efficiency, innovation, and competition, knowledge-sharing initiatives is vital. This collaborative

leading to improved service delivery. The government approach ensures that academic research is directly

should establish robust regulatory frameworks to oversee applicable toindustrychallenges.

the energy sector. Independent and competent regulators

can ensure fair competition, prevent monopolies, and To foster innovation, setting up and supporting cutting-

enforcestandards thatcontributetoareliableandresilient edge incubators and innovation hubs within academic

institutions can provide a conducive environment for
energy infrastructure.

students and researchers to transform their ideas into

Private investment should be encouraged in energy viable businesses. These entities can serve as catalysts for

infrastructure development, including the expansion and industry growth.

modernization of power generation, transmission, and

TheEditorial Board thanks Mr.MusadaqZulqarnain,Chairman,Interloop

distribution systems. This requires a long-term

Limited & Interloop Holdings for sparing from his precious time to give

commitment to build a reliable and sustainable energy exclusiveinterviewforChartered ManagementAccountant Journal.

ICMA’s Chartered Management Accountant,Jan-Feb 2024 9