ISLAMABAD: Federal Minister for Planning and Development Ahsan Iqbal, Wednesday, while stressing the need for putting joint efforts to turnaround Pakistan has said to achieve this goal, “collaboration is needed not conflict”.
Addressing a ‘Leaders in Islamabad Business Summit 2023’ under the theme, “The Big Rethink” organised by Nutshell Group in collaboration with the Martin Dow Group, the minister said that with unity and total focus through joint efforts Pakistan can become a one trillion GDP economy with an annual GDP growth of eight percent by 2035, otherwise, the country will touch the milestone in 2060.
The minister said, “We are living in a digital world where on one side cyber delusion has engulfed us and on the other side is the ground reality.”
Iqbal highlighted the need to streamline policies in the five areas which he dubbed as the Five Es, “For a sustainable and stable future, we need to focus on the five-E framework: exports, E-Pakistan (digitization), environment (water security and food security), energy (move to renewables) and finally we need equity and empowerment. To achieve these, we need to collaborate and not be in a state of conflict.”
Speaking on the occasion, Khurram Dastgir Khan, Federal Minister for Power stated that the big rethink is Pakistan‘s electricity generation would not be based on imported fuel, “We will have five sources, out of which four will be domestic and one would be semi-domestic.”
He further added that despite immense devaluation, they have been holding the base tariff for electricity since September 2022 owing to the new domestic base of energy sources from Thar Coal. He proposed that Pakistan needs to open its economy to the rest of the world. He further said that the time has come for the country to totally stop producing power from government-owned generation companies which have become totally inefficient.
Muhammad Azfar Ahsan, Founder, Nutshell Group, while welcoming the guests, stressed the need for The Big Rethink, by putting forward hard-hitting realities. He said if the nation is able to address four factors, then progress would be inevitable: “I blame incompetence, lack of political will, absence of collaboration between stakeholders and lastly of course, lack of continuity for the present conditions in the country. If we overcome these and start thinking beyond our egos, we will comprehend that Pakistan’s progress lies in uplifting areas of education, health and digitalization.”
Azfar, while urging the parliament for a complete overhaul of the entire system, said that parliament should take this responsibility not just the bureaucrats.
Ali Akhai, chairman Martin Dow Group focused on the importance of embracing transformations. In his address, he said, “In a world that is constantly changing, change is the only constant. It is the responsibility of us leaders to re-imagine and rethink. I believe we should all embrace “The Big Rethink” with open minds and courageous hearts. Let us remember that it is not confined to mere imagination but demands action. Together, we can dispute the norms, envision a brighter future, and seize the infinite opportunities that lie ahead. As we embark on this journey of transformation, we must keep in mind that change begins with each one of us.”
Dr Zeelaf Munir, Managing Director and CEO, English Biscuit Manufacturers (Pvt) Limited was of the view that we as a nation are a collective failure that requires a collective rethink. She refuses to go down and wants all 222 million pairs of hands and hearts on the deck and chooses to rise like a phoenix from the ashes.
Faisal Rehman, Managing Partner Middle East, SoftBank Investment Advisers, spoke about the urgent need to head towards digital transformation and lauded NADRA’s role in doing so. He added that to streamline NADRA even further, all institutions need to be brought on the same page.
Talking about the digital future, Kaan Terziolu, Group Chief Executive Officer VEON said, “Pakistan needs to transform data into useful information which can be used for the creation of value-added services. Let us make sure every Pakistani uses the internet for personal and professional development. We want 4G for all and not 5G for few.”
Former governor State Bank of Pakistan and Federal Minster Dr Ishrat Husain speaking about his recent book stated that contrary to popular belief there has been a consensus, and political will exists for all political parties in the interest of economic development.
He also highlighted the need for addressing the knowledge economy: “We need our youth to be equipped in the field of sciences, engineering, creative arts, mathematics, and others. We need to start from the school stage instead of waiting for later to focus on the imbalance of supply and demand.”
Muhammad Aurangzeb, president CEO HBL, Chairman Pakistan Business Council and Pakistan Banks’ Association, speaking on the occasion, said that the business models of private sector organisations must go through a significant shift to remodel, rethink, and reinvent, “We need to get rid of the collateral mindset, digital future demands us to learn buyer behaviour and financial inclusivity should be the priority.”
Dr Moeed Yusuf, former National Security Advisor stated that there is a strong need to focus on planning and development with a special focus on continuity. He said, “We essentially need specialists running special things. Our job should be to translate ideas to plans and policies which can be implemented by the institutions. Rethinking comes from academia and as of now, there is no linkage between academia and policy. Think tanks have become mouthpieces of the state’s status quo so we can’t turn to them for rethinking as well.” He stressed that to progress all institutions need to be on the same page.
Referring to protectionism in the economy, Ghias Khan, president and CEO, Engro Corporation said that the time for rent-seeking had passed for all sectors, “We have had locally focused protected business, so no one wants to take risk of entering the export market. The biggest challenge is the rising cost of energy which we need to address urgently. Wind and solar alone cannot manage the load, we would need to include Thar Coal Project to curb the price surge.”
Maheen Rahman, CEO, InfraZamin Pakistan highlighted the need to empower the agriculture sector and said that companies in Pakistan have been operating for 50-60 years, but they have been unable to innovate their processes. She said that her company so far has invested $500 million in Pakistan and in the next few years the investment will reach to $1 billion.
Aamir Ibrahim, President and CEO, Jazz and Chairman, Mobilink Microfinance Bank emphasized on the importance of internet availability for all and said that internet shutdowns would only push the country backwards. He said that RAAST has shown the potential of digitalization and Pakistan needs to change its priorities, “We have overplayed ourselves as a security state. We need to shift the gears to the doing part, and rethink trade, borders, and the larger role in the interest of our economy especially through digitalization.”
Yousaf Hussain, President and CEO, Faysal Bank Limited shared that the bank’s journey to Islamic bank is a testament to the possibility of rethinking and re-imagining. He added that there is hesitation towards Islamic Banking, but Faysal Bank’s transformation has shown how it can be done, “There has to be minimization of disruption. Customers, stakeholders, and investors all have to be brought on the same page alongside regulatory compliance. We need an increased awareness of Islamic Banking and address all inhibitions surrounding it. Academia must play a role and tax authorities have to be aligned as well. Technological advancements need to be embraced to ensure financial inclusion.”
The third session was a dialogue titled, “Leadership and Strategy in the Age of Disruption” with names including Irfan Wahab Khan, CEO, Telenor Pakistan and Chairman, Telenor Bank, Ayla Majid, Global Vice President, ACCA and Founder and CEO, Plaintive, Samina Rizwan, Founder, CalmKaaj, Mujeeb Zahur, Managing Director, S&P Global and was moderated by Saquib Ahmad, Managing Director, SAP Pakistan, Iraq and Afghanistan.
The speakers shared their thoughts on the importance of leadership especially around the idea of becoming disruptors instead of waiting for a disruption to occur. All speakers, who are leaders in their respective fields, echoed the need to empower the team, celebrate the failures and think of long-term for generations and not in number of years.
Copyright Business Recorder, 2023
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