Speakers at a one-day seminar here on Friday said that Pakistan's future lies with emerging economies of the region and stressed to avail the current opportunities for prosperous future of the country.
The seminar titled, "An Analysis of Stock Market and Monetary Policy in Pakistan from a Global Financial Market's Perspective," was organised by the Pakistan Institute of Development Economics to overview the progress of financial markets in the country.
Professor Mangla of Haworth College of Business, Western Michigan University presented the subject and focused on various aspects to make Pakistan's monetary policy more effective. He said, Pakistan must get involved in regional economies and strengthen economic co-operation and trade relations with regional countries for better prospects.
"As compared to the world trade there are more benefits in regional trade, Pakistan will have to strengthen economic co-operation with China and India for long term economic benefits," Professor Mangla said adding, "China, the 3rd largest economy of the world at present, has very promising future."
He also said that India, too, has potential to play pivotal role in the regional economy and a healthy regional co-operation would ultimately produce fruitful results for all the countries. Mangla termed, "Chindia" (China and India) has almost witnessed double digital real growth, adding that this would effect us even if we do not join them.
However, he observed "We cannot ignore these economies so we have to join them for our own interests. He further explained in his paper, "Initially it may seem that Pakistan's imports excel regional exports and some companies may also face difficulties, but in the long run, it would benefit Pakistan.
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