FAISALABAD. The Research & Development (R&D) Department of the Faisalabad Chamber of Commerce & Industry (FCCI) has launched a booklet titled, “Agenda for Economic Reforms in Pakistan 2018 – 23”.
Speaking during the launching ceremony of the booklet, Chairman FCCI Standing Committee on R&D, Engineer Ahmed Hassan said that it aims to provide recommendations to the policy makers at the federal and provincial levels for designing an appropriate economic reform agenda for the next 5 years. “It will also help Pakistan to achieve rapid and sustainable economic growth”, said and told that Pakistan is the 6th largest country in the world by population. Quoting National Human Development Report published by UNDP, he told that around 64% of our population falls within the age group of less than 30 years and hence Pakistan has potential to become one of the largest economies of the world by exploiting abundant economic resources including human resource of productive age.
He said that as elections are coming up in a few months, it is very important to review the economic performance of Pakistan in the past 70 years and prepare a new roadmap for the future to achieve sustainable economic growth in the country.
He further said that this booklet has identified 10 key areas which should become the focus of policy makers for introduction of reforms during the next 5 years to ensure the achievement of sustainable growth in the country. “These 10 areas include; Macro-Financial Stability, Taxation, Institutions & Governance, Innovation and Value Addition, Energy, Agriculture & Livestock, Human Capital Development, Entrepreneurship & Ease of Doing Business, Environment & Climate Change and Creating an Inclusive Economy”, he said and added that these areas are in line with the Vision-2025 of the Government of Pakistan as well as with the Sustainable Development Goals (SDGs)
Mr. Ahmad Hassan said that economic growth in Pakistan has seen an upward trend in recent years with many development initiatives currently being implemented throughout the country as part of the landmark China Pakistan Economic Corridor (CPEC) project.
“However, in order to increase the annual GDP growth rate to 9-10% in the coming years and sustain it over the long term, it is vital to deal with the key issues that have acted as constraints to economic growth in recent years”, he added.
He said that the most important area which needs to be focused is the development of the abundant human resources of Pakistan. “Pakistan’s youth surely has the potential to become an engine of economic growth for the country if provided with quality education and skills”, he said and added that emphasis should be placed by policy makers on the development of human capital within the country which could help in making Pakistan a global economic power.
He further said that the R&D department of FCCI has been working actively under the guidance of the elected office bearers of FCCI and recommendations mentioned in the booklet have been the outcome of discussions, seminars, and consultations that have taken place at FCCI over the last couple of years between experts and professionals from different sectors. He told that a working group of the R&D section comprising himself, Dr. Khurram Tariq, Mr. Naseem ur Rehman and Mr. Mohammad Ali Hassan has compiled these recommendations in the form of booklet. “We have also published 4 research reports in the last year namely; CPEC – Opportunities and Challenges, CPEC–Prospects and Challenges for Agriculture in Pakistan, The Economy of Faisalabad, and Pakistan’s Economy in 2030–Learning from the Past”, he said and added that all the four research reports were widely disseminated to relevant stakeholders around the country and received an immense positive response from all sectors.
He told that this booklet has also been dispatched to all political parties enabling them to make it a part of their party manifesto for the upcoming general elections. He hoped that this working paper will contribute towards better collaboration between all stakeholders for framing an appropriate roadmap to achieve rapid and sustainable growth in Pakistan in the coming years.