Daily Times

As neighbouring India secures massive investment commitments from major multinational corporations like Amazon and Google, Pakistan cannot be left in a state of missed opportunities and unfulfilled potential. It compels Pakistan to reevaluate its priorities. Previous attempts to shift Pakistan’s foreign policy from geo-politics to geo-economics could not be translated into reality, exposing Pakistan’s failure to prioritize its interests and keep pace with the changing global dynamics. The investments announced by Amazon and Google in India are not merely financial injections into the Indian economy; they are symbolic gestures of confidence and trust in India’s growth prospects and its strategic position in the region. These Commitments come at a time when the United States, under President Joe Biden, seeks to strengthen ties with India as a counterbalance to China’s growing influence. The recent joint statement between US and India highlights the significance of India for the US.

Meanwhile, Pakistan is failing to project itself as a geo-economic player. While it is true that Pakistan is confronted with unique challenges, are not these challenges a consequence of Pakistan’s long-standing position as a geo-political player in the region? It’s time for Pakistan to revisit its foreign policy, as ignoring the shifting dynamics of the global economy is no longer affordable. Relying solely on traditional alliances or geo-political strategies is insufficient. Due to its unique location, Pakistan must prioritize shifting from geopolitical contestation to geo-economic cooperation.

The lack of a clear and coherent economic vision for the country is a major impediment to capitalizing on Pakistan’s unique location. The country has failed to develop a comprehensive roadmap to outline specific targets, policies, and incentives to attract foreign investment, foster innovation, and promote entrepreneurship. It could not even get rid of the bureaucratic hurdles that hinder the ease of doing business.

It is time to rethink and reassess priorities. Pursuing an economic diplomacy strategy can expand Pakistan’s economic footprint globally. Moreover, Pakistan must actively engage with major global players, such as the US and regional powers like China and Iran. It needs to forge mutually beneficial economic partnerships and leverage its potential as a trade and transit hub. Pakistan could not safeguard its economic security, and national interests and create a more resilient economy without diversifying its economic ties and reducing its dependence on a single bloc. The clock is ticking, and Pakistan cannot afford to miss any more opportunities. *