- Building blocks to rapid economic growth are coming into place, says Advisor to PM on Commerce, Investment and Industries
Advisor to Prime Minister on Commerce, Investment and Industries Abdul Razak Dawood on Monday said that the China-Pakistan Economic Corridor (CPEC) will improve connectivity and trade among countries in the region.
Addressing a ceremony in Karachi, he said that as a result of better regional connectivity, trade is increasing and trucks from Pakistan will go to Uzbekistan and Kazakhstan via Afghanistan next week (Monday).
“This is the beginning of regional connectivity... We have put the transit agreements, trucking customs in place, so now we are all set,” said Dawood.
He added that steps are being taken to stabilize the national economy and focus is being given on increasing exports.
He also said “the building blocks to rapid economic growth are coming into place," adding that "through the cooperation of the Chinese government we got out of our power difficulties, and we have substantially improved our infrastructure.”
He said that guiding principles adopted by the government are beginning to show substantial results, one of which was "to move away from being a trading economy to a manufacturing economy,” said Dawood.
“We do not want just import of finished goods and use that as the engine of growth for our GDP, we want import substitution and through that, we must make in Pakistan," which will lead to an export-led growth strategy, said Dawood, while emphasising exports to ensure Pakistan’s long-term survival.
He said that like the preceding year Pakistan is on track to set another exports record this year.