Economically strong Pakistan can handle pressures: LCCI

The Lahore Chamber of Commerce and Industry has said that only economically strong Pakistan could handle all sorts of international pressures, therefore "war against economic ills" should be started instantly and a task force for economic revival, having representatives from both public and private sector, should be formed.
"Pakistan is a resource-rich country and does not need any external financial help. Unfortunately, the previous governments did not pay any heed to tap the indigenous resources", LCCI President Malik Tahir Javaid said in a statement on Tuesday.
The economic weaknesses of any country give opportunity of criticism to the others and same is happening here in our country. The political instability, below the mark foreign direct investment, high cost of doing business, politics on mega projects like Kalabagh Dam and huge trade deficit have led to stagnant growth in Pakistan. We needs to address these issues through good economic reforms, he added.
The country has all resources to become an economic giant but only need is to set directions with zeal, courage and sincerity. Pakistan's huge mineral resources can help get rid of the economic ills, particularly external debts of over US $85 billion, within next five years, he said. The country has one of the largest reserves of gold, copper and coal in the world.
According to a rough estimate, value of coal reserves in Pakistan is 187 times more than the GDP of Pakistan and only 2 percent of Pakistani coal reserves can generate 20,000 MW of electricity for almost 50 years. The Kalabagh Dam can have storage capacity of 6 million acre feet of water to give benefit of $12 billion annually to the economy. It can also produce 3600 MW of electricity at a cost of Rs 2.50 per unit, he added.
He said most of public sector entities (PSEs) are eating up around Rs 600 billion annually of the national exchequer. He said Pakistani exports always remained dependent on a few items and countries. The United States, China, Afghanistan, United Kingdom and Germany are top five trading partners of Pakistan while various lucrative destinations are still untouched. Pakistani missions abroad should be given a task to find out new destinations for Pakistani products.