Interview with Muhammad Tariq Yousuf — Chief Executive, Sanaulla Woollen Industries
PAGE: Tell me something about yourself, please:
Muhammad Tariq Yousuf:Â Experienced with 45+ years of proven expertise in the Textile industry in R&D, Production, Project Management, Quality Control, Quality Assurance, Regulatory Affairs, and General Management. Created new products and overseen the above departments for the growth of the companies worked for. A strong strategic thinker and team builder. Seek challenging environments to create lasting change. Lead with clear guidance and accountability. Effective at speaking to groups and conveying complex ideas. Embrace change and eager to apply new ideas.
Presently serving as Chief Executive of Sanaulla Woollen Industries since 2001, a member of Sanaulla Group formed in 1947 with retail outlet business in Karachi, entered industrial activities in 1959 by setting up a dyeing for hand knitting yarn, under the brand name of ABC WOOL, which attained in nation wide recognition of quality design, colour and fashion in hand knitting trade. The group expended its industrial activities in various directions, such as yarn spinning, fabric weaving, garments manufacturing, poultry house and formed frozen foods.
Held various positions as:
- Member Managing Committee — Federation of Pakistan Chamber of Commerce & Industry.
- Former President Karachi Chamber of Commerce & Industry.
- Former President Lasbella Chamber of Commerce & Industry.
- Former Chairman S.I.T.E. Association of Industry.
- Former Member Managing Committee — Karachi Chamber of Commerce & Industry.
- Former Member Education Cess, Utilization Board, Sindh.
- Former Member Workers Welfare Board, Islamabad.
- Former Member Railway Advisory Board.
- Former Member Governing Body Sindh Social Security Institution.
- Former Member Governing Body Social Security Balochistan
- Former Chairman Ecology, Sub-Committee — S.I.T.E. Association of Industry.
- Former Chairman Sales Tax Committee — S.I.T.E. Association of Industry.
- Former Chairman Committee of Environment Protection — S.I.T.E. Association of Industry.
- Former Chairman Labour & Social Welfare – Karachi Chamber of Commerce & Industry.
- Former Chairman Committee of Foreign Investment — Federation of Pakistan Chamber of Commerce & Industry.
PAGE: How was 2023 for business activities?
Muhammad Tariq Yousuf:Â The country was grappled with severe inflation, a fluctuating and shortage of declining currency, critically low foreign reserves, posing significant concerns for financial stability.
The non-issuance of LCs due to above and severe utilities coupled with shortage and rising prices, the emerging situation has terribly affected industrial activities as well as exports, which have a devastating impact on the already ailing economy and the lives of common man due to poor industrial and trading activities.
High interest rates discouraged businesses and individuals from taking loans, reducing investments and capital expenditure. This hampers economic growth as investments play a crucial role in expanding businesses, creating jobs, and driving innovation.
PAGE: What is your standpoint on cost of doing business in 2023?
Muhammad Tariq Yousuf:Â Industry has been overburdened due to the reasons stated above. It has become almost impossible to run the industries at such a high cost. High cost of doing business has slowed down the productivity.
PAGE: How would you comment on the impact of inflationary pressures on productivity in 2023?
Muhammad Tariq Yousuf:Â Inflationary pressures in 2023 exerted a multifaceted impact on productivity across various sectors, influenced both macroeconomic and microeconomic factors.
Inflation typically leads to an increase in the cost of raw materials, energy, and other inputs, directly impacts high production costs for businesses.
Higher production cost has eroded profit margins, prompting companies to either absorb the costs or pass them on to consumers through price increases. This dynamic affected the competitiveness of businesses and potentially led to a slowdown in
production.
PAGE: What is your take on government incentives for the betterment of business activities in 2023?
Muhammad Tariq Yousuf:Â The caretaker government has taken the concrete steps in plugin the leakages in the economic scenario, such as cross border smugglings of goods and illegal foreign currency. This effort is a part of Pakistan’s broader strategy to address the persistent issue of smuggling and its economic repercussions.
The government has also taken several initiatives to attract investments and promote industrialisation, particularly the most recent Special Investment Facilitation Council (SIFC).
Hopefully, it shall boost the economic activities in the country and if consistency in above is observed, we feel it will ease out the economic pressure.