'United efforts' helped lift Pakistan out of FATF's grey-list: HBL President

HBL President Muhammad Aurangzeb said Saturday that Pakistan’s exit from Financial Action Task Force (FATF) grey list was a prime example of benefits emerging because of united efforts of the policymakers, state institutions, and the private sector.

Speaking at the inaugural launch and dialogue of the Marketing Association of Pakistan (MAP) on the theme of “Imagining the Unimaginable”, he added that this kind of unity should be replicated to address the core macroeconomic issues of Pakistan.

“The charter of the economy is a workable idea at a national level which can be used to address sustainable areas of the economy,” he said.

After over 4 years, Pakistan removed from FATF's 'grey-list'

On the occasion, Board of Investment Chairman Azfar Ahsan said that the economy should be revived in the months to come in a bid to reap billions of dollars worth of potential in diverse sectors.

He stressed that despite the economic challenges, Pakistan was an attractive market for foreign investors which could be gauged from the fact that Saudi Arabia is willing to interact with the country to explore various avenues of investment.

Overseas Chamber of Commerce and Industry (OICCI) President Ghias Khan stressed upon the government to devise a comprehensive strategy to give a boost to productive sectors and industries.

Experts upbeat after Pakistan’s removal from FATF’s grey-list

“Government should realize that the country’s economic growth is linked to regional growth hence bilateral trade with neighbouring nations should be promoted,” he underlined.

InfraZamin CEO Maheen Rahman said that Pakistan ranked among the five most populous countries in the world however, its contribution to the global economy was negligible.

“While 60% of world’s GDP is contributed by the 10 most populous countries, Pakistan adds just 0.4% to it,” he said.

She emphasised that Pakistan could double its share in the global economy by focusing on labour productivity and enhancing women’s participation in the workforce.

It’s a huge relief for nation

In this regard, investment in human capital is indispensable mainly in the areas of health, education and skill development, she said.

Unilever Pakistan CEO Aamir Paracha said that the government should divert its focus from GDP growth to Human Development Index (HDI) because Pakistan's performance on the HDI front was abysmal.

“The government and NGOs cannot fill the gap between society and the economy therefore the private sector should contribute towards the development of the socio-economic situation of the country,” he further said.

Former information minister Javed Jabbar said that Pakistan possessed the immense potential to develop on the face of the world owing to its geographical presence.