Democracy leading to socio-economic stability: Gilani

DAVOS: Prime Minister Syed Yousuf Raza Gilani Saturday said democracy in Pakistan has given strength to institutions and was leading to greater economic socio- stability in the country.

He was talking to Executive Chairman of the World Economic Forum (WEF) Klaus Schwab, the brainchild behind the annual landmark event that began in 1971.

Gilani said despite many challenges, Pakistan has demonstrated economic growth, and said Pakistan looks to the Forum as an important platform to further its own economic interests.

He termed it an excellent platform for an open discourse amongst political, economic and business leaders on key issues of peace, security, economics and development.

He suggested the WEF founder to initiate a forum for the South Asian region, that was playing a vital role in the world economy.

Professor Schwab said he would consider the proposal and would be sending a delegation to Pakistan to look into the prospects.

Gilani also apprised him of the Benazir Income Support Program (BISP) that was helping the vulnerable sections of the society. He also urged him to expand the Pakistan outreach program so that there was increased participation into the Forum.

Prime Minister Gilani gave Professor Schwab an overview of Pakistan's economy and said it has shown stability and resilience despite global recession and plethora of internal challenges such as war on terror, floods and energy crisis.

He said owing to the prudent economic policies, a number of economic targets have been achieved during the first six months of the current fiscal year. He said Pakistan has created an investor- friendly environment.

Gilani was of the view that the theme of the year "The Great Transformation: Shaping New Models" was relevant and timely in the backdrop of the economic and political situation in the world. He said the world requires new models, bold ideas and a shared commitment to ensure that this century sees an improvement in the human condition.

He said country's economy has proved to be buoyant and resilient and its fundamentals were strong. Gilani said Pakistan has vast resources that need to be tapped and with closer interaction with regional and commercial groupings the future seems promising.

Schwab, who has two doctoral degrees, was the youngest professor at the University of Geneva, when he developed the "stakeholder theory" that believes all the social groups connected directly or indirectly to the enterprise were dependent on its success and prosperity, including shareholders, creditors, employees, customers, suppliers, the state and the society.

Schwab sees the Forum as the “glue” between different stakeholders in society.

He said “The World Economic Forum is not a decision-making body. It is a platform for initiatives, programmes and task forces [and] gives each of our participants the possibility to shape their own opinion based on the latest strategic insights.”

Copyright APP (Associated Press of Pakistan), 2012