‘Future Summit’ held: Economic challenges confronting Pakistan take centre stage

KARACHI: The economic challenges confronting Pakistan took a center stage at the 7th Future Summit held here. Speakers from the government, business community, and academia offered a grim picture of the current economic crisis but also solutions to turnaround the economy. The summit was jointly hosted by Nutshell & HBL at a local hotel here.

Mohammad Ali, Caretaker Federal Minister for Energy, Power & Petroleum, stated, “All of us would have different recipes to solve our problems. Policymakers cannot handle all the issues in one go.

We need to have a policy framework. As per research, institutions cannot fix a system without economic independence. So, the two core objectives that Pakistan needs to focus on are exports and the formalizing of the economy.”

In his welcome address, Muhammad Azfar Ahsan, Founder & CEO of Nutshell Group, highlighted the role of platforms like TFS in strengthening Pakistan’s image and thanked all the collaborators for believing in the vision for the country’s future.

Farrukh Amin, CEO of Unity Foods Limited, said, “Pakistan has survived massive economic challenges, be it the post-COVID crisis or the floods in 2022. I believe Pakistan has the potential to be a part of The Big Picture because we are the world’s largest producer of rice, cotton, wheat, and various other natural resources. Foreign investors can invest in the agriculture sector, as we are not just producers but also innovators.”

Amir Paracha, President of OICCI, advocated the importance of creating a conducive business environment. He said, “The challenges of today will be tomorrow’s opportunities, and we have witnessed the unwavering dedication of international investors in the past years. The population we view as a liability, especially our youth population, is our asset, which will pay dividends in the future.”

Elaborating on the green initiatives of the Pakistan Army, Maj Gen Shahid Nazir, HI (M), Director General of Strategic Projects, stated, “The Pakistani Army recognizes the crucial role of eco-friendly practices in safeguarding our country’s natural heritage. We are committed to implementing green initiatives that minimize our ecological footprint and contribute to a cleaner, greener Pakistan.”

Lasha Tabidze, Global Chief Digital Officer, VEON, shared his experience of being in Pakistan, “Our strategy is aligned with a purpose. We want to be together with our community and consumers in collaboration with the government and private sector, delivering digital goods to the Pakistani nation.

We want to empower entire communities by providing digital solutions, especially digital financial services, and creating ease of access for the consumers.”

Dana Al Salem, Global Tech Entrepreneur, Investor, and Innovation Expert, commends the efforts of the organizers. She said, “We have learned that one person may not always change the world in entirety, so collaborative efforts are needed for bringing revolutions to change lives, and this gives us the purpose that leads all great movements.” The inaugural session was followed by a session titled “The Way Forward.”

Yousaf Hussain, President & CEO of Faysal Bank Limited, elaborated on the essence of discovering what works, “In every situation, there are glimmers of hope and achievement. We should learn from success and leverage these insights to drive progress. It is about identifying successes, replicating them, and catalyzing transformative change.

The inaugural session was followed by a session titled “The Way Forward,” which comprised an interesting conversation between Mohammad Shoaib, CFA, CEO of Al Meezan Investment Management, and Dr. Ishrat Husain, N.I, H.I, Author, Economist, former Federal Minster & Governor, State Bank of Pakistan. The conversation delved into Dr. Ishrat’s newly launched work “Development Pathways: India, Pakistan, and Bangladesh 1947-2022.”

Dr. Ishrat Hussain said that from 1950 to 1990, Pakistan was among the top ten fastest-growing economies. The growth rate averaged 6% annually versus India’s 3%. Bangladesh had no growth from 1971-1990. India went nearly bankrupt. But it revived governance. Now, India is growing at 6%, and Bangladesh has adopted a similar model.

The Future Summit has sparked a lively debate on solutions to take Pakistan’s economy out of the current dilemma. Further high-level discussions are expected at the conference’s second day.

Copyright Business Recorder, 2023