steps for economic revival encouraging: PEW


The Pakistan Economy Watch (PEW) on Thursday said recent steps taken by the government, including the ratification of the Iran pipeline agreement and handing over the Gawadar Port to a Chinese firm seemed highly promising.
These steps will go a long way in reviving the economy which is in tailspin, said PEW President Dr Murtaza Mughal.
He said that Chinese cooperation in the pipeline project would turn it into a reality in less than the expected time, which would be a great service to the country and the people who have been reeling under the energy crisis. Mughal lauded Tehran’s patience as the project had been delayed for a long time due to US pressure.
Allowing the transfer of concession agreement for Gawadar Port from the Port of Singapore Authority to the China Overseas Port Holding will attract investment, provide opportunities to the people of Balochistan and bring Islamabad and Beijing closer, he said.
He said the announcement of the three-year Strategic Trade Policy Framework, in which an export target of $95 billion had been set, and backed by steps to support the plan, would help improve confidence in the business community. The government should ensure that this trade policy does not meet the fate of the trade policy framework for 2009-12, which had failed due to want of funds, he added.
The ministry of water and power’s plan to generate 3,000MW electricity from sugarcane bagasse on a fast track basis is equally encouraging, he observed. He said all necessary amendments in existing policies should be ensured to attract investment to make this possible.
Lauding US assistance for water and power projects and optimum use of hydropower resources, Mughal said the US should stop opposing the Iran gas pipeline project otherwise an anti-US feeling will run high among the masses.