CFO Conference 2016: government urged to lay focus on cross-border trade, investment

Pakistan can gain a lot through maximising regional cross-border investment, trade, and transit because China-Pakistan's CPEC, Iranian Chabahar Port (Garland Highway), TAPI gas pipeline project, CASA-1000, and the Northern Route, are emerging as new frontiers, said Managing Partner of Geopolicity, USA, Dr. Jeffrey A Stacey at the CFO Conference 2016 held under the aegis of Institute of Chartered Accountants of Pakistan (ICAP) here at a local hotel on Tuesday.
Dr. Jeffrey, who served as a speechwriter and legislative-aide to former British Prime Minister and as Chief of Staff to European Parliament, delivered his keynote address on 'Geopolitical, Economic and Trade Futures', focusing on Pakistan and the New Silk Road.
He said the potential priorities for Pakistan in this scenario were: making the most of the CPEC, Gwadar development, becoming a link to Central Asia, implementation of Af-Pak trade deal and building spur to Kandahar, energy projects such as API, CASA, Afgh hydro, and trade with India.
"The challenges and opportunities for Pakistan in geo-strategic landscape include the United States' domestic sideshow; Russia's re-emergence; China's new-found aggression; the European eclipse; Syria, Isis, and al-Qaeda; and instability in Central South Asia," he said.
Dr. Stacey added that Pakistan's mega economic trends in this rapidly changing world were growth of the middle class, acceleration of computing power/digital disruption, aging of the population, and acceleration of connectivity. The welcome address was delivered by the President ICAP Hafiz Mohammad Yousaf who highlighted the significant developments and changes at the global economic landscape over the last few years. He particularly put emphasis on the surrounding jurisdictions and regions across Pakistan, their changing roles and the profiles of finance professionals with image in future.
"Volatility, uncertainty, complexity, and ambiguity (VUCA) pose a unique challenge for any decision maker," he said adding that in that environment true leadership proved her talent. "In today's business environment, shrouded with unprecedented pace of transformation and unpredictability, change is the new Normal. In such a Volatile, Uncertain, Complex and Ambiguous (VUCA) environment, where rules change mid-game, organisations as units, and managers as individuals, are striving to stay afloat and aligned", said Chairman Professional Accountants In Business (PAIB) Committee, ICAP, Khalilullah Shaikh.
He said while such an environment posed multifarious challenges, it also opened doors of innovation, unexplored arenas and newer opportunities. 'This is exactly what the CFO Conference 2016 is all about 'Defining New Frontiers, it's a VUCA World - Adapt - Innovate - Excel',' Shaikh asserted.
"The Finance professionals are now required to come up with new business proposals and strategy for business sustainability and growth," said Aftab Mehmood Butt, CEO KAPCO. He added that the change was needed to respond to the needs of the business and the power to become a true business partner was in the hands of the CFOs. Mr. Butt said the winning strategy for business leaders would be to grow and contribute - develop and deploy knowledge and ingenuity to achieve company's vision - and focus on people, create freedom to innovate and collaborate, respect individuality, have fun and rise to challenges. He said that teamwork was another winning strategy to succeed together through a climate of respect and equality.
"The Finance functions need not only embrace technology, but also hire and develop talent to maintain and operate those systems and recruiting, managing and retaining talent is one of most important objective of Senior Finance Executives - and one of the most difficult to achieve," he said adding that in this environment, CFO (Senior Finance Executives) need to take ownership of the talent agenda. He said they need to create an organisation-wide HR strategy that attracted appropriately skilled finance employees and supported their aspirations at all levels throughout their careers.
Nadeem Hussain, former CEO, Tameer Microfinance Bank Ltd highlighted on the topic from management perspective. He reiterated the importance of vision and dream to excel, adapt and innovate in a VUCA world. He was of the view that 80 to 85 percent start-up businesses failed because they didn't properly make their homework and incorporate strategies. They also lack other important ingredients of managing the organisation.