Federal Minister for Planning, Development and Reforms, Ahsan Iqbal Friday said that political stability is necessary to achieve a long-term economic growth as it ensured continuity in the economic polices that investors need. Talking to media at Middle East South Asia CEO Summit, here on Friday, Ahsan said that no economy can progress without political stability and developed countries have a history of long-term political stability that enabled them to compete in the world market.
Citing China, Korea, Indonesia and India, Ahsan said political stability has played a major role in the development of these countries' economies. "We had dictatorship for 10 years, but it failed to deliver. An economic growth that political government achieves in 10-year, the dictatorship cannot achieve in 20 years," he added. The present government is making all efforts to deliver the benefits of political government to masses, however, some conspirators want to derail democracy in the Pakistan, Ahsan said.
Some politicians living abroad are planning to destroy the domestic political system, he said and added that leading political parties that have rendered sacrifices for democracy, including PPP, JI, MQM, PLM-N and other nationalist parties have refused to become a part of anti-government movement. Talking about the Karachi airport incident, he said four personnel of Airport Security Force valiantly restrained the terrorists from storming the airport and kept them engaged till arrival of the Army and Rangers. "We should appreciate our law enforcement agencies that killed all terrorists in just two hours," he added.
However, he said, media role was very negative and instead of appreciating the efforts of the ASF, they were criticising the government and law enforcement agencies. Earlier, addressing the summit, the minister said that five things are necessary for remarkable economic growth. These include political stability, long-term policies, trained human resource, focus on science and technology and peace. He said presently, Pakistan is facing a severe energy crisis and law and order issues, however there is no problem-free society in the world.
"In early 60s, Pakistan's exports were $200 million and Korean exports stood at $50-60 million. After Korean war, Pakistan's support brought stability in the country and at present our exports could hardly reach $25 billion compared to $150 billion of Korea exports," he added.
Pakistan's growth rate is 3 percent compared to 6 percent of India. Our rupee value is lower than Bangladesh's currency taka. It's no rocket science but these countries have made serious efforts towards achieving long-term economic growth, he added. "We have to change our mindset. Export-led polices are missing and our traders focusing on surplus goods only. The world wants to import as per their demand," Ahsan said.
For long-term economic growth, the government has designed 'Vision 2025' to achieve $150 billion exports and provide jobs to some 50 million unemployed masses, he added. "We must have to establish 'Made in Pakistan brand' with best quality products to enhance our share in the world market," he added.
Talking about the performance of the PML-N government, he said that although one year is not enough for revolution, but during last one year, PML-N has a number of success stories. "The present government is pursuing proactive policies to overcome the energy crisis and security challenges. Now the country's economy is on right track and gradually coming out of crisis. Pakistan's forex reserves have increased from $7 billion to $13 billion. Pak rupee has gradually appreciated against the dollar and now stands at its actual value of 98 against the dollar compared to previous 108 to the dollar," he maintained.
He said Pakistan would get rid of energy crisis and load shedding in coming six to seven years as several energy related projects have been initiated by the government. Pakistan is working with China on various power projects and in next five years, 22,000 megawatts are expected to be added to the national grid, he added.
Muhammad Azfar Ahsan CEO Nutshell Forum, S M Muneer CEO Trade Development Authority of Pakistan, Michael Dodman US Consul General, Ikram Sehgal Director Bank Alfalah Limited, Nadeem Hussain President Tameer Microfinance Limited, Naeem Zamindar CEO Wateen Telecom Limited, Dr Miftah Ismail Special Assistant to the Prime Minister, Chairman BoI and others also addressed the summit.
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