The Covid-19 pandemic has put an incomparable strain on global supply chains. Many factors have contributed to this strain, including scarcity of raw materials, labor shortages, international shipping terminals, distribution centers, and warehouse bottlenecks. These overwhelming system pressures are causing developing countries, including Australia, to rethink their reliance. Even though global businesses and economies’ rebound is reopening to indicate a return to normality, deteriorated domestic manufacturing sector consequences are still felt.
According to Vik Bansal Infrabuild, the CEO of InfraBuild, one of Australia’s leading steel recycling, manufacturing, and distribution businesses, there is an opportunity where weakness is. While leading the company, Bansal works to transform the waste management sector, transform the business, and advocate for Australia to establish recycling structures to help establish a circular economy. Vik Bansal also has the same aspirations for the manufacturing sector of Australia and believes that through hard work, it can turn out to be strong, self-sufficient, and generate a long-term sustainability path.
Vik Bansal notes that the Covid-19 pandemic has highlighted how Australia lets the manufacturing sector fall to its disadvantages. In the mid-20th century, one out of three Australians were allowed to work in the manufacturing industry, and currently, the figure is one out of thirteen. During the 1970s, the manufacturing sector wasn’t still beneficial to the Australian economy as it made thirty percent of its Gross Domestic Product. Currently, it’s making as little as 6%. Australia would instead choose to export its raw resources to countries that end up adding value to themselves. Later these countries will import finished products back to Australia.
Vik Bansal became the Chief Executive Officer of InfraBuild in July 2021. He has over twenty years of experience in executive roles in Asia, the United States, and Australia and a recognized track record of guiding industrialized companies through substantial transition, growth, and expansion.
Learn more about Bansal: https://www.nwric.com.au/team-member/vik-bansal/