Pakistan needs fundamental change in approach to economic development: SAARC

ISLAMABAD: President South Asian Association of Regional Cooperation (SAARC) Chamber of Commerce and Industry, Iftikhar Ali Malik on Sunday said Pakistan needs a paradigm shift, a fundamental change in its approach to governance and economic development.

Talking to a delegation traders led by Mian Ejaz Ahmad Arain CEO The Falcon International in Lahore, he said Pakistan is confronted with various challenges, such as political instability, corruption, poverty and terrorism, said a press release.

He said economic security is necessary for every state and Pakistan needs paradigm shift to strengthen its relations with its neighbouring countries—China, India, Afghanistan, and Iran—and engage with regional organizations like SAARC and the Economic Cooperation Organization (ECO) for sustainable stabilisation of its economy to offset hovering threat of default.

He said in prevailing quagmire the proponents of the paradigm shift suggest that Pakistan needs to move away from its traditional mindset and adopt a more progressive and pragmatic approach to tackle its problems which could include measures such as strengthening democracy, promoting merit-based appointments, investing in education and healthcare, promoting economic growth and job creation, and improving relations with neighbouring countries.

He said Pakistan’s economy is in dilapidated condition, whatever the reasons may be but Pakistan for its survival has to revisit its priorities to steer the country out of prevailing economic crunch.

Iftikhar Ali Malik, an octogenarian vet trade leader of South Asia said now philosophy of globalisation turning into regional block as 18 countries including China, Russia, Turkiya, Malaysia and India have jointly planned future trade in local currency by neglecting US dollar monopoly.

Specifically talking about the projected economic growth of our border sharing rival country of which overall exports cross an all-time high mark of $750 billion since gaining independence in 1947 however they are eyeing to achieve $2 trillion goal in near future.

He said after independence Pakistan economy was in better shape than India till 1970 which started dwindling gradually due to absence of wisdom based decisions.

Iftikhar Ali Malik sharing his life rich diversified experience said two factors may be considered as the prime contributors to overall national growth and stability that is why rival country foreign policy has been redevised to have a parallel influence on both super powered whether America or China.

He said in contrast, Pakistan sails through much difficult and challenging economic, political, constitutional and terror related issues for warefare.

He said now scenario has altogether changed with the emergence of new fronts to excel i.e the digital and space technology, artificial intelligence, economic aspects and foreign policy domains etc.