LETTER: An article "Foreign aid or export-led growth" carried by Business Recorder has brought under sharp focus a subject and the issues related to it needing government intervention. Gohar Ejaz et al have argued, among other things, in a highly informed manner that "Pakistan must mitigate its reliance on primary and traditional commodities and shift towards the export of manufactured, value added services and nontraditional goods. This highlights the need to equip labor with new technologies and train them in the latest skills, thus shifting them from primary to secondary and tertiary activities. Without addressing these key issues, it would be difficult to attract new entrepreneurship in Pakistan."
Living off borrowed money has already caused us immense harm. The issues raised by the authors, in my view, need immediate attention. The situation underscores the need for long-term planning based on creative thinking. Declining exports, foreign direct investment, etc, constitute a challenge that needs to be overcome in view of protecting and preserving country's economic sovereignty. It is also necessary because workers' remittances, a major source of foreign exchange, are set to fall owing to a variety of reasons.
Husain Mirza (Karachi)
Copyright Business Recorder, 2020
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