'Islamic economic system can help meet challenges'

The Vice President of Saarc Chamber of Commerce & Industry (Saarc CCI) and former President of FPCCI Iftikhar Ali Malik has said that adoption of Islamic economic system can help country get rid of multiple internal and external challenges. He was talking to an 18-member delegation of industrialists and businessmen who called on him here on Wednesday.
He said that Islamic Economic System had the strength to absorb the shocks of even the highest magnitude and the history was witness to it. Dr Mahatir Mohammad had implemented the system when Malaysia was in deep troubles and their economy was in dire straits and now its exports were more than ten times of Pakistan's, he said.
Malik said that in the year 2008, Malaysian exports touched the staggering figure of $195.7 billion while Pakistan was struggling to achieve the target of near $20 billion. He said that the former Malaysian Prime Minister was a staunch supporter of foreign investment through joint ventures. The joint ventures initiated during his tenure helped the country achieve a number of milestones including transfer of technology, boost to revenues and creation of thousands of new job opportunities.
He said that with 88.7 percent literacy rate, Malaysia today was standing tall among the developed countries of the world. Same way, he said that Koreans adopted Pakistan's five-year economic Plan during Ayub's regime and today Korean development and expertise have no match.
He said Bangladesh was also on the growth path as there was a time when Bangladeshi currency was much lower than that of Pakistan's but today the situation was the other way round. He said that the key to success was maximum involvement of private sector. He also apprised the delegation of his meeting with the President of Pakistan where he stressed the need for formation of a Think Tank / Advisory Council comprising experts from all walks of life.
He said that he had informed the President of Pakistan that the role of proposed Advisory Council would be taking care of only economy, trade and technical issues. He said that he had sought certain administrative powers for the proposed Advisory Council so that the members of the Advisory council could be able to keep liaison with all the government departments with maximum ease.
He said that during his meeting with the President Asif Ali Zardari, he brought to his notice the issues of shortage of electricity and gas, law and order situation, shortage of skilled manpower and low agriculture yield. The delegation was of the view that the proposals and suggestions forwarded by the SAARC Vice President should be addressed at the earliest for economic revival of the country.