The key to sustainable development for any country lies in its economic stability that in turns require an education system that aims toward development of entrepreneurial skills of the youth. It is the combination of, on the one hand, private sector resources, drive and entrepreneurial talent and, on the other hand, of a policy, legal, and regulatory framework which emphasises fairness, social cohesion and transparency.
In the past 64 years, we have seen the emergence of some good business universities in Pakistan – LUMS and IBA being just two prominent examples. Yet, the brain drain continues – students with the talent and the resources opt for foreign universities especially for business degrees. Few return to serve the country.
In Pakistan, renewed and sustained economic growth will require a bold reform programme over the next 3-5 years. The present environment offers a wealth of new economic opportunities but also considerable risks. However, opportunities can be best exploited and risks minimised through effective partnerships between the public and private sector. Today, most infrastructure investment and social development work in Pakistan comes from public finances and the need is to encourage the private sector. The private sector will not just supplement the monetary requirements but also provide their professional expertise and management techniques. It is important to encourage young business graduates to develop new business models to further exploit untapped opportunities.
NAYYER NAQVI
Karachi