We thank the Almighty Allah for being benevolent with us who always trample his laws and seldom follow his teachings. May God forgive us for our transgressions? We take this opportunity to thank the Government of Pakistan for awarding us the Trophy for being the Best Exporters of Pakistan.
While we are extremely happy over this recognition, still we would like to take this opportunity to dwell upon the global economy and its backdrop to our motherlands development and to give some examples that we can easily benchmark for our economic growth.
Economic growth is an important factor in reducing poverty and generating the resources necessary for human development and environmental protection.
There is a strong correlation between gross domestic product (GDP) per capita and indicators of development such as life expectancy, infant mortality, adult literacy, political and civil rights, and some indicators of environmental quality. However, economic growth alone does not guarantee human development.
Well-functioning civil institutions, secure individual and property rights, and broad-based health and educational services and good transport and communication facilities are also vital to raising overall living standards. Despite its shortcomings, though, GDP remains a useful proxy measure of human well-being.
The world economy has grown approximately fivefold since 1950, an unprecedented rate of increase.
The industrialised economies still dominate economic activity, accounting for US $22.5 trillion of the US $27.7 trillion global GDP in 1993. Yet a remarkable trend over the past 25 years has been the burgeoning role played by developing countries, in particular the populous economies of east and south Asia.
A major factor in this development has been the steady integration of the global economy. Since the Second World War, international trade has grown consistently faster than output and now accounts for approximately 25 percent of world GDP.
Other measures of globalisation include the enormous expansion of international financial markets, the spread of new technologies that have revolutionised international communications and encouraged the development of transnational patterns of production and consumption, and the fourfold increase in foreign direct investment flowing to developing and transition economies over the past decade.
However, this overall picture masks large, growing disparities among the developing countries; not all countries have been able to take advantage of the benefits of globalisation. Since about 1980, the fastest-growing economies of Asia and Latin America have been characterised by high rates of domestic savings, declining dependence on agriculture, and a rapid growth in trade, especially of manufactured exports.
The emerging economies of the developing world -- such as Brazil, China, Indonesia, and Mexico -- have been increasingly attractive to private finance; two thirds of the US $95.5 billion foreign direct investment flows in 1995 went to just six developing countries.
In addition, of the estimated 12 million jobs created by transnational corporations' investment in developing countries, about half are in China.
Alongside this unprecedented economic surge, some 100 countries have experienced economic decline or stagnation; in 70 of these countries, average incomes are lower today than they were in 1980.
Factors in this decline include continued dependence on exports of primary commodities and falling commodity prices, high levels of indebtedness, slow progress with political and macroeconomic reform, and, in some countries, political instability and armed conflict.
These circumstances have discouraged foreign direct investment and contributed to a continuing decline in the real level of official development assistance from the industrialised countries.
This is a critical development, given that such assistance constitutes nearly two thirds of net monetary flows to low-income countries.
The net result of these contrasting trends is that more than 3.8 billion people have seen their incomes rise by 3 percent or more from 1980 levels, but some 1 billion others - more than one fifth of the world's population - are worse off.
Many governments are responding to the economic and security threats posed by growing income inequities. In the early 1990s, for example, the Chinese government targeted 80 million people living in poverty, mostly in villages in the western areas of the country.
It gave priority to ensuring adequate supplies of food and clothing. By 1996, 22 million people had been lifted above the national poverty line.
In the longer term, reducing income inequality and ensuring adequate human development for all is likely to depend on greater commitment to the implementation of policies for broader-based economic growth and poverty reduction through increased investment in public education and health.
What we have done in Pakistan since our inception 55 years back for our economic development. Nothing to say the least. India and neighbour and foe have made giant strides in economic development and are a major force on global economic front.
All is not lost. Since the present government has taken over, the veil of gloom has been lifted and scenario looks cheerful. We hope the good work started by this government continues unabated and it will not fall prey to the false alarms of the maligned political parties of Pakistan.
We should benchmark Singapore as a role model for our economic development.
Singapore's all-out effort to restore its competitive edge amid severe Cost pressures holds lessons for Asia's emerging economies aiming to become major industrial players, trade and economic analysts say.
In 1950, Singapore as an isolated, tiny, poor island. It was not even a country before 1965.
Its future was so bleak that its leaders went to Malaysia and asked whether it would be willing to absorb Singapore and make it part of its state.
Malaysian leaders decided that absorbing Singapore would make their country poorer and declined the offer.
Ghana, Burma and Sri Lanka seemed richer, far more promising countries than Singapore.
An Independent Singapore was not regarded as viable during those times.
Singapore had no choice but to educate its people, reform its government, attract knowledge, and get to work.
Which it did... led by and an extraordinary leader, Lee Kuan Yew. He started out as a legal adviser-negotiator on behalf of Communist Labour Unions... gave that up in favour of technology and capitalism.... focused on education and talent... attracted foreign investment.
By 1975, General Electric was the country's single largest employer, and Singapore was recognised as a leader in electronics manufacturing.
By 1985 Singaporeans were producing $8,116 per person... their ex-colonial masters; the British were at $11,237. By 1999, Singaporeans were 2 percent wealthier than the Brits.
Not bad for a country that did not have a national anthem before the late 1960s and were a single generation grew up singing three different anthems. . . Britain's "God Save the Queen," Japan's "Kimigayo," and Malaysia's "Negara Ku"... before coming up with their own.
Today Singaporeans have a standard of living comparable to that of the United States.
Almost 3 times higher than Malaysia.
MALAYSIA THREW SINGAPORE OUT IN 1965 AND TODAY:
-- Malaysia's wealth per person is $1.182 82nd in the world and
-- Singapore wealth per person is $23,415 9th in the world
-- Does this country does not has lesson for us. Indeed it has.
-- We are those Pakistanis who's each sweat and each breath that goes out and comes in only says Pakistan.
Zindabad Sometime back the government generously gifted precious land to some NGO's. Unfortunately those lands have not been properly utilised. We should follow the law of Islam - that piece of land which is not put to some economic growth and some other useful things should be given to others. We should be very cautious when gifting land to someone.
We would also suggest that the transport facilities should be made world class and let us get rid of the mini-vans and buses.
-- Road networks should be improved immediately
-- Education should be given the highest priority
Management institutions should be set-up that can teach world-class learning's to our budding talents and to business institutions.
The entire above said are directly connected to economic growth and provide the business community the necessary speed and challenge to develop the countries economic growth.
On the closing note let us not forget that lone individuals are birthing not just companies but entire industries that rapidly become bigger than the economies of most countries.
But unlike growth industries of the past, cars and aerospace, for example... the industries that will dominate our future depend on just a few smart minds... Not a lot of manpower.
We and our children are about to face a series of unprecedented moral, ethical, economic, and financial issues.
The choices we make will impact where we live, what we earn, what our grandchildren will look like, how long we live.
We once again thank the Government of Pakistan in believing in us.
We will serve the country continuously with same determination and zeal that we have shown earlier.
We Sincerely thanks All our staff and Management , Well Wishers Patrons, Byyers, Suppliers and Bankers for their Valued Support.
Thanks and regards.