Globalization of Pakistan economy stressed

Globalization of Pakistan economy is the only solution to survive in the coming decades and in this connection World Bank (WB) will help Pakistan through technology enhancement, skill development and creating conducive climate for the manufacturing sector in Pakistan. Addressing a meeting in the Faisalabad Chamber of Commerce & Industry (FCCI), here on Wednesday, William F. Maloney, Chief Economist Equitable Growth Finance and Institutions, Practice Group of the World Bank, said that Pakistan has potential of 8 percent growth but it remained around 2.3 percent whereas in the same region its neighbours have recorded historic growth rate of 17 percent.
He said that WB will help Pakistan to fully exploit its growth potential by linking its economy with global markets. He pointed out three major factors including technology up-gradation, skills development and provision of conducive climate to enter into the global markets. He quoted the example of different countries and said that America was once the main car producing country but in later stage Japan emerged as leading car makers through its innovation and competitive technologies. He underlined the importance of SME (Small and Medium Enterprises) sector and said that WB will continue to take macro level steps to harness the skills and productivity of the SME sector by imparting technical and management skills.
Gonzaio J. Varela Senior Economist, World Bank told that currently Faisalabad is manufacturing leading and popular international brands; however, he suggested that Pakistani industrialists must develop and introduced their own brands to earn sizeable profit from their expertise to manufacture quality textile products.
Earlier, in his address of welcome, Syed Zia Alumdar Hussain President Faisalabad Chamber of Commerce & Industry told that FCCI is serving the business community of Faisalabad for the last 44 years. "It has 7,000 members within its fold", he said and added that no doubt the textile is the main economic strength of Faisalabad yet other sectors are also contributing their role in the overall development of this dynamic city. He also pointed out that textile sector alone is providing 65 percent jobs to the Pakistani youth.
Madam Robeena Amjad President Faisalabad Women Chamber of Commerce & Industry (FWCCI) highlighted the steps taken to involve women entrepreneurs in the mainstream of national economy and hoped that WB will directly help FWCCI to achieve the harness the skills of the women entrepreneurs.
Later, Senior Vice President Mian Tanveer Ahmed offered vote of thanks while Madam Robeena Amjad Presented FCCI shield to William F. Maloney, Chief Economist Equitable Growth Finance and Institutions, Practice Group of the World Bank.