'Government, private sector must join hands for success of economic diplomacy'

President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain, has said that effective economic diplomacy is needed for political and economic independence. Economic security is imperative for national security while only self-reliant countries are respected in the global community of nations, he said.

He said that economic diplomacy make the country rich and influential while its absence compels any country to follow dictation in its political, economic and foreign policies. He said the government and the private sector must join hands for successful economic diplomacy and the business associations can play a leading role in this regard.

He said that trade agreements, deals aimed at abolishing double taxation, mega projects, financial services, foreign investment etc are all linked to economic diplomacy. Mian Zahid Hussain said that trade officials should be posted on merit in foreign mission and their promotion must be linked to the results so that they promote national interests which also include promotion of tourism and introducing new technologies in Pakistan. Economic diplomacy is of no use unless there is political and economic stability in the country and the government enjoys confidence of the investors which is a test for the current administration, he said.