Federal Minister for Planning, Development and Reforms Ahsan Iqbal Thursday said the country’s economy had started showing positive signs as suggested by the indicators of the past eight months.
“Some early signs are showing good results. The tide has been changed and we will try to take this towards upward motion,” the federal minister said while addressing “The Leaders Summit” organised by Wateen Telecom in collaboration with several other organisations.
The federal minister said that increase in growth rate was must for the survival of the country. “If we do not grow at 7-8 percent, we will be in great trouble,” he added.
He said the country’s economy had been growing at average of 5 or 5.5 percent which was not sufficient, adding that if “we have to put the economy on right path, we need decent growth”. Ahsan Iqbal deplored that there had been no proper business plan for the last 14 years and that was why the economy was suffering.
He was of the view that throughout the history, the country’s economy suffered during non-democratic eras in which the expenditures were shifted from social sector to defence sector.
On the other hand, much attention was given towards development of infrastructure while the software i.e. human resource development was totally ignored and as a result the country could not progress in accordance with its potential.
The federal minister said the country was having huge resources and important geographical location as it was located between three important engines of economy the China, South Asia and Central Asia, so there is need to exploit this situation for the progress of the country.
The federal minister said that Pakistan could become key element for regional growth provided it fully taps its potential. He said more than 60 percent of the country’s population was youth and if provided facilities they could prove to become important elements of country’s progress.
He stressed the need for adopting innovative approach to pace with the development of other countries of the world. He said countries like China, Malaysia and South Korea designed their decades-long vision transformed them into reality, which resulted in progress and economic development of these countries.
He expressed the hope that the country’s economy would become among top 10 economies at its 100th anniversary. On the occasion, Chairman of Board of Investment (BOI) Dr Miftah Ismail said that the PML(N) leadership had the ability to convert business ideas into reality to lead the country towards growth path. He was of the view that educated and open society and ability to transform ideas into businesses were the key elements to development.
Miftah was of the view that the innovation had been taking place in human life since centuries in different fields like medicine, engineering and communication especially in modern world to improve the life of people. Speaking on the occasion, Walid Irshaid, President Pakistan Telecommunication Company Limited, said that Pakistan was the country of opportunities and much more was to be done to tap this potential.
“We are not doing enough as compared to the opportunities available in the country,” he said.
Speaking on the occasion, Prime Minister’s Special Envoy and President of Diplomat Business Club (International), Ambassador Javed Malik said that Trade and business diplomacy initiated by the present government would help attract foreign investment besides improving the image of the country internationally.
In his remarks, Ikraumul Majeed Sehgal, Chairman Pathfinder Group and Bank Alfalah Limited, said that the leaders of any country set objectives for their followers.
“Leaders have a significant role in creating the state of minds in a society”, he remarked. He added that leaders should be loyal to their followers and vice versa for building of the country. He called upon the young generation and corporate leaders to play their vital role in the socio economic development of Pakistan.
The other speakers also highlighted the trade diplomacy and business sustainability and innovation for the prosperity of the country.