Pak GDP to grow significantly once CPEC is operational

KARACHI: The GDP of Pakistan is expected to grow substantially once the China-Pakistan Economic Corridor (CPEC) becomes operational.

This was stated by the speakers at the annual CFO conference of the Institute of Chartered Accountants of Pakistan (ICAP) here on Tuesday.

The speakers were hopeful that Pakistan GDP growth rate may boost by 15 per cent once China-Pakistan Economic Corridor (CPEC) becomes fully operational

This project is a big game changer for Pakistan and will help reduce unemployment bringing prosperity and opportunities for various sectors, they added.

However, the key is that the Government will have to bring more transparency in CPEC related projects and issues. More information and openness policy will have to be adopted for financial experts, the speakers opined.

Annual ICAP CFO Conference 2017 with theme `Shaping the Future, Connecting the Dots- Learn, Leverage, Lead' was hosted by the Institute of Chartered Accountants of Pakistan on Tuesday at a local hotel.

Regional General Manager, Marriot International, Hartmut Noack said construction of new hotels and malls, large variety of TV channels and cultural activities between Pakistan and China will increase once CPEC become operational.

Discussing their observations and future prospects related to CPEC, speakers highlighted that people may face language barriers, cultural differences, political inconsistency, regional instability, safety & security issues, infrastructure accessibility.

They urged authorities to address these challenges to unleash the full potential of this huge project.

It was pointed out that CPEC will bring large opportunities for Pakistan and living standard of people of the country will be improved significantly in near future.

Delivering his keynote presentation on `Global Trends- A Glimpse at the Big Shift', Founder and President Emeritus, World Future Society, Dr Jose Cordeiro, said upcoming 20 years will be era of technology and technology will fulfill all food, education, health and living standard requirements in future.

He said cancer, aging and other diseases will be cured through technology in future while cloning of human organs will also be ensured with the help of technology.

Inclusion of technology in daily life in future will improve the living standard of people across the world. He said next 20 years is the era of changes and opportunists which was never happened in last two centuries.

Earlier, President, Institute of Chartered Accountants of Pakistan, Nadeem Yousuf Adil, in his welcome address, said the annual ICAP CFO Conference is undoubtedly a day packed with extraordinary learning and networking experience for the entire finance fraternity.

He said it is an exciting opportunity for chartered accountants, finance professionals as well as the business community to acquire knowledge and updates of the happenings in the corporate world.

He said theme of the conference is a vital one considering the changing economic, financial and technological ground. With this comes our ability to shape the future to use it to our best advantage and become leaders of today and tomorrow.

Nadeem Yousuf Adil informed that ICAP has established its offices in various cities of country to provide students of far flung areas with opportunity to become chartered accounts.

In this connection CA Edhi scholarship program is also launched which benefits deserving students.

Vice President, Institute of Chartered Accountants of Pakistan, Khalilullah Shaikh, said the ever-increasing shifts in economic, technological and financial landscapes are forcing business leaders and finance professionals to think differently and explore new frontiers. To use the novelty for their strategic advantage and to lead into the future, professionals have to continuously learn and leverage on their experiences, he added.

Mudassar Aqil, Sarfaraz A Rehman, Saad Kaliya, Bruce Garrett, Dr Zeeshan Ahmed, Abid Ganatra, Bilal Ahmad Khan, Asim Siddiqui, Amir Jamil Abbasi, Amir Waheed Ahmed, Helmut von Struve, Muhammad Hanif Idrees, Azfar Mir, Humayun Bashir, Merajuddin Ahmed, Brigadier (R) Syed Kausar Hussain Shah and Jo-Dee Walmslely also addressed the conference.