PSDE-PIDE moot: Country should break away from external reliance, say economists

ISLAMABAD: Leading economists of the country have stressed the need for breaking away from external reliance and take control of Pakistan’s destiny by developing policies that truly benefit the people of the country.

They said this while addressing a conference titled, “Unleashing the Economic Potential of KPK,” jointly organised by the Pakistan Society of Development Economists (PSDE) and the Pakistan Institute of Development Economics (PIDE).

The conference was attended by local leaders, experts, and stakeholders aiming at addressing regional problems and explore indigenous solutions.

On the topic of government, academia and industry, they said that the trinity of growth education is supposed to be opening up of minds, but how often do we talk about opening up of minds? They said, “We need to train our children to think creatively, and critically, and develop skills that we desperately need for our economy”.

They shed light on the interdependence of these three sectors in shaping the country’s future. The session emphasized the importance of quality education, nurturing talent, and fostering creativity, critical thinking, and problem-solving skills within academic institutions while highlighting the role of the government in providing necessary support and policies.

Furthermore, the session underscored the importance of industry-academia collaboration in applying knowledge and skills to real-world scenarios.

Debating on Natural Resources of Khyber-Pakhtunkhwa (KPK), they said that the province has up to 70 to 80 percent of the natural water resources of the country, but unfortunately, these significant resources remained under-utilised.

They said that utilisation of water resources of the KPK would not only provide inexpensive electricity but will also create thousands of jobs and bring millions of acres of barren lands under cultivation enabling the country to become self-sufficient in food production and also export the surplus.

Debating on the current situation and charter of economy, they said it was an essential document that outlines a framework for cooperation between political parties to ensure the country’s economic stability and progress.

However, it is not enough to have on paper; it needs to be implemented effectively.

The participants reflected on the past 37 years of conducting general meetings and conferences, recognising the pressing need for local solutions to tackle the diverse range of issues impacting our communities.

It was emphasized that efficiency, thoughtful consideration of local issues, and regional consensus are crucial elements for building networks and linkages between academia, government, and other key stakeholders.

The collaboration with the University of Malakand was unveiled as a significant step toward achieving these goals.

Professor Dr Athar Maqsood of the National University of Sciences and Technology, while speaking on the occasion, said, “Our youth, remember: to become crown gold, you must brave the fire. Embracing challenges and choosing a hard path leads to growth and greatness. Institutions need strong economists and mathematicians to shape a brighter future”.

Dr Nadeemul Haque, vice-chancellor (VC) PIDE emphasized the importance of conferences in the PSDE mission to promote research and collaboration among social scientists in Pakistan. Conferences offer a platform for engaging with the public, gathering diverse ideas, and emphasizing the significance of collective effort and innovative thinking to address Pakistan’s social issues.

The vice-chancellor expressed the need to break away from external reliance and take control of Pakistan’s destiny by developing policies that truly benefit the people.

Conferences provide the opportunity to share knowledge, exchange ideas, and create relevant solutions while fostering collaborations, strengthening networks, and ensuring the translation of research findings into policies and practices that improve lives.

Dr Rasheed Ahmed, VC University of Malakand, said at the occasion that the conference featured several insightful sessions. The first session, titled, “Current Crises and the Charter of Economy,” emphasized the need to re-evaluate systems and policies to ensure a sustainable future for Pakistan.

It addressed issues such as the double taxation system and the importance of effectively implementing the Charter of Economy for economic stability and progress.

Dr Durre Nayab, PRO Vice Chancellor PIDE, said that Pakistan has a long history of relying on external sources for policies and development. This has hindered our ability to progress as a nation and limited our autonomy. But it does not have to be that way. We can take control of our own destiny and make policies that benefit our people.

Another session focused on the impact of regulations on the economy. While recognising the necessity of regulations to ensure fair and transparent markets, the session highlighted the need for relevant and transparent regulations to avoid hindering economic growth.

The conference provided a platform for fruitful discussions, constructive debates, and exploring ideas to pave the way for a stronger, more independent, and self-sufficient Pakistan. It encouraged young minds to actively shape the nation’s future and contribute to a brighter tomorrow.

In conclusion, regulations are necessary to ensure fair and transparent markets. They are not designed to hinder businesses but rather to protect consumers, employees, and the environment.

However, the government must ensure relevant and transparent regulations to avoid hindering economic growth. The conference aims to provide a forum for robust discussions and the development of innovative solutions to address the challenges faced by Khyber-Pakhtunkhwa.

The diverse range of topics presented by the speakers promises to generate thought-provoking debates and indigenous ideas, which can shape the region’s future. The organizers invite all stakeholders to join this vital conversation, contribute their ideas and insights, and collectively unlock the economic potential of KPK for a brighter future.

Copyright Business Recorder, 2023