Pakistan's private sector termed dynamic and resilient

World Bank Alternate Executive Director Tanwir Ali Agha on Sunday said that Pakistan's private sector is both 'dynamic' and 'resilient', terming "it is fast in adjusting, and ready to vigorously update, improve and compete." Talking to APP, he said Pakistan is seen as third in line after China and India in textiles, which speaks volumes of Pak private sector's exuberance, excellence and capability. About elimination of MFA, he said: "Pakistan has prudently spent billions of dollars on updating its textile industry, and we are going well internationally."
In this behalf, he referred to far-sighted investments and supportive role of the Pakistan Government.
In Europe, he said, Pakistani textiles have "some advantage."
Asked to comment on the importance of Gwadar deep seaport in Pakistan, the WB official said the impact of Gwadar is to really build upon the government's vision of being a focal point for regional economic growth, adding it would prove to be a gateway in reaching central Asian republics - that is the key element. It would give a boost to entrepreneurial sentiment, he said.
Asked why the due projection of Pakistan is not visible internationally, Tanwir Agha said the stress seems to be on MIGA economies, and Pakistan's success story is seldom told. Undoubtedly, Pakistan has registered remarkable accomplishments in finance, economy and trade, he added.
Identifying the single element behind the success story, he said it was the factor of "ownership" of the reform programme, qdding: "Pakistan is all set for a takeoff point."
"Nobody is complascent, and a road map for rapid advancement has been given, which is a matter of satisfaction", the WB official said.
Asked what would be the role of the World Bank in respect of Pakistan, Tanwir Agha said in the previous years, on average, Pakistan has been getting $ 900 million per annum in the borrowing programme, while the country is expected to receive $ 1.5 billion per year, for which, the government has identified projects.
In respect of South Asia, the WB official said the potential was immense, as you are speaking of a population of over 1.6 billion with a lot of complementarity of their economy and the opportunities for trade, investment, and tourism being superb. As far as the Government of Pakistan is concerned, the key focal point is the ongoing peace process, which has an opportunity to bring peace, hope and prosperity to their millions of people.
Asked what the government was up to, he said the government's vision of the country was that of a modern, prosperous, and enlightened country - within its Islamic ethos.
Of the challenges, he said: "The government is aware of the challenges that lie ahead, as it is going to be a long road ahead of us if our people are to enter in the 21st century as a prosperous and enlightened nation."
Was the target of 8 percent growth rate achievable, Tanwir Agha said: "We have already achieved over 7 percent, and this has been widely commented upon by Pakistan's developmental partners, including the IMF, the World Bank, the Asian Development Bank, and bilateral donors."
"So, this is not the opinion of the government the important thing to underline is that this is not the opinion of the government and this is not an opinion of an individual. This is the opinion of the independent multilateral and bilateral agencies who see what is happening in Pakistan", said Tanwir Agha, adding the investors, both domestic and foreign, are now "voting their feet by going to Pakistan."
Of the high rates of growth that have been achieved, he referred to a sharp reduction in debt to a sustainable level, enough fiscal space to address the social sector infrastructure issues turning investment - which is now attracting private investors - both domestic and foreign - to come back to Pakistan and see this happening in three ways.
First of all, the WB official said, Pakistan has re-accessed capital market in 2004 after an absence of nearly 7 years; second of all, it is evidenced by the strong interest in Pakistan's privatisation programme; and finally, it is showing up in the figures of both the FDI and the domestic investment.