Innovate to survive in a war economy

Determining the problem is half way to the solution. In Pakistan, the bureaucracy, multilateral donors, industry stakeholders, research outfits and media organizations have done well in pointing out the ills that affect the economy.
However, the second half of the journey, the more important one, is still found wanting attention.
Take the energy crisis as a token example. Instead of taking responsibility, decision makers at the concerned organizations seem to busy slinging mud at each other.
In recent news, OGDCLs Managing Director has been found at odds with the Chairman of his firm; and PEPCO blamed SNGPL for not supplying gas for its operations, though the gas distributor refutes this claim. Similar media reports dot the front pages of major news outlets.
In any other economy, such brash aggressive behaviour on the part of top executives would only be considered normal. After all, executives around the world are often characterized as being egoistic.
Pakistan, however, is a war economy. This means that instead of throwing tantrums at each other, corporate leaders should explore innovative solutions on a war footing.
Case in point, in the power sector, is the turnaround of KESC. Until a few years ago, the electricity situation in Karachi was abysmal compared to the rest of the country. The tides are now turning. New management at the power distributor is aggressively campaigning against theft, which is cited as the biggest impediment to unobstructed electricity supply to Karachi.
Authorities in other organizations must, at least for the time being, shed their differences and put their heads together to deliver on the gravest problems facing the economy. And oh, in the meanwhile, try following the code of governance.
A comparative study of corporate governance in Asian economies, excluding China and Japan, found that in terms of regulatory framework, Pakistan scored 39 points out of 50, equal to Malaysia and behind only India and South Korea.
However, state owned enterprises do not currently follow the provisions of the code of governance instituted by SECP, according to a 2006 study, conducted at Case Western Reserves law school, titled Corporate Governance on Emerging Markets: A Perspective on Pakistan. The study also points out that an SOE specific code is particularly important for Pakistan because a number of key companies are state owned.
But then again, in a country marked by corruption, inefficiency and low productivity, seeking an SOE-specific code of governance, similar to developed economies might be asking too much too soon.