Daily Times

KARACHI: Macroeconomic stability, improvement in economic fundamentals along with strengthening export-oriented sectors would greatly help to revive the economy of Pakistan, economist and industrialists asserted.

Pakistan has vast economic opportunities in milieu of China-Pakistan Economic Corridor (CPEC), as CPEC would boost economic growth and development, they hoped.

Commerce Ministry should bring improvement at its strategies to provide such an environment to prime exporters for expanding exports of goods besides services, they suggested.

And under CPEC, the responsibilities of the foreign missions have become manifold, they opined.

There is a dire need to equip commercial officers at foreign mission of Pakistan with export potential and quality products of country in order to maximize benefits of the exports, Agha Saiddain of Pakistan Tanners Association viewed.

The potential of the most promising sectors of our economy-manufacturing, energy, telecom, agriculture, information technology, retail, automotive, education and real-estate remained untapped by foreign investors at large, he added.

The reforms to the government sector, regarding policy formulation, regulatory realignments and implementation in the commercial and industrial sectors of the economy would greatly benefit the country, Ibrahim Qureshi of All Pakistan Business Forum said.

Attracting joint-ventures and Foreign-Direct Investments to make local businesses more competitive is vital.

Real estate a growing sector spends more than $5.2 billion on construction in a year. This activity accounts for 2 percent of gross domestic products, with housing representing less than half that total.

Jawed Bilwani of Pakistan Apparel Forum opined that liberalization of Pakistan’s economy has increased business opportunities. CPEC is building a roads network and infrastructure for regional connectivity.

Under such scenario, efforts on behalf of government as well as from prime exporters would provide impetus to continuous economic journey.

It is pertinent to mention here that leaders of different countries and large multinational companies have appreciated the efforts and sacrifices Pakistan has made in the past few years.

Fazal Ahmad, a financial expert in Houston was confident that by doubling the energy capacity of the country from 22,000 megawatts (MW) to 45,000 MW by 2025 would help the country to move on fast track of development.

For foreign investors, there is trouble-free entry to Pakistani market with 100 percent ownership, ease of registration and flexibility in financial procedures, he added.

Under such incentives, an investor would not want to miss the opportunity but”, It needs hard work from financial mangers and concerned ministries of the country”.

International Monetary Fund has also forecast 5 percent economic growth for 2017, which could improve to 6 percent in the medium term with CPEC-related investments, improved energy supplies and continued reforms.

Ghulam Rabbani of Pakistan Yarn Merchants Association stressed the need for continued economic reforms with a view to achieve high growth target as more regulations in system require an enabling environment to promote business and attract foreign investment.

Pakistan gross domestic product growth is expected to edge up to 5.2 percent in FY17, and 5.5 percent in FY18.

Quoting Chairman World Economic Forum, Klaus Schwab that he lauded Pakistan’s economic progress and said the international investors were looking at Pakistan with great optimism.