An American writer and intellectual, David Albert Westbrook has said Pakistan will be able to resolve its economic problems in near future. "I am optimistic about the future of Pakistan and as a professor at a University in the US I would like to study the problems of the country so that these issues may be highlighted to the stakeholders in Pakistan," he said while speaking at the LCCI here on Monday.
LCCI Executive Committee Members, Shahzad Azam Khan, Amjad Ali Jawa, Dr Shahid Raza, Imran Dawood and Mudassar Masood were also present. LCCI Vice President, Faisal Iqbal Sheikh said the US was the second largest country, which has made investment in Pakistan, particularly in oil, gas, communications, trade, cement, construction, power, financial business, food, textiles, chemicals, beverages and electronics.
He emphasised the need for an easy and direct access for Pakistani products to the US market. Among the major issues, which needed to be resolved for the sustainable development of Pakistan economy was the development of infrastructure. Pakistan was blessed with significant mineral resources. The value addition in the mineral sector was mainly concentrated in limestone, coal, gypsum, sulphur, crude oil, and natural gas. He said that there was great opportunity for the foreign investors to invest in these sectors, which will be beneficial for the economy of Pakistan and the investors in the long run.
Highlighting potential in the transport sector, he said that despite the recession and economic meltdown, only this sector had shown good results in the country and had room for further expansion. Pakistan has a tremendous potential in power generation especially hydro power, as a number of potential locations exist all over the country, he added.
He further said there were three main areas where foreign assistance could be helpful in energy generation. Small hydro electricity units could be installed on the canals and rivers. The coal reserves of Pakistan are 185 billion tons. This potential could be tapped to generate electricity. He said there was a huge potential in agriculture sector in Pakistan as well.
The sector continues to be the single largest and dominant driving force for growth as well as the main source of livelihood for 66 percent of Pakistan's population. "But it has always faced two major problems: first, our productions per acre are lower than many countries. Secondly, around 40 percent of our production is wasted in the form of post-harvest losses due to lack of preservation technology. US's investment in this sector can multiply the per acre yield," he maintained.
He said that US relations with other South Asian countries are showing an inequality as the area of co-operation between US and India is very high as compared to Pakistan. He urged the US government to provide civilian nuclear to Pakistan as it had provided to India. He also stressed the need for early approval for setting up of Reconstruction Opportunities Zones is tribal areas.
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