Pakistan's High Commissioner Dr Maleeha Lodhi has called for a durable solution to the Kashmir dispute that is based on justice. She made these remarks during a talk at the Institute of Economic Affairs organised with Buckingham University, London here late Tuesday. The subject of the High Commissioner talk was "Pakistan: Challenges and Response."
She said that both India and Pakistan had realised that they cannot achieve their full economic potential without regional stability.
Highlighting the recent confidence building measures and improve atmospherics, the High Commissioner stressed that the hard tasks of dispute settlement and conflict resolution still lie ahead.
Maleeha told the audience that Pakistan today is pivotal to establish an arc of peace, stability and prosperity in the region.
She said that Pakistan had made a strategic transition by pursuing four overriding objectives. She listed these as ensuring the success of the democratic transition, rapid economic growth through far reaching structural reforms, countering extremism and promoting peace within and peace on its frontiers.
Highlighting the economic gains made by Pakistan in the past five years, the High Commissioner underscored the fundamental strengths of Pakistan's economy. She said a resurgent Pakistan is poised to leverage the geo-economic benefits of its location.
Dr Lodhi told the gathering that Pakistan had attained 8.4 percent growth in the current fiscal year ending June, far exceeding the target. This made Pakistan one of the three fastest growing economies in Asia after China and Singapore.
Besides, she said our foreign exchange reserves are at a record high, with positive macro-economic numbers underscoring the country's strong economic fundamentals.
High Commissioner Lodhi said having achieved financial stabilisation, Pakistan is now in the phase of implementing second generation structural reforms. The challenge is to generate significant investment, both domestic and foreign, for the next phase of Pakistan's economic strategy and to ensure that this translates into improved living standards for our people.
Commenting on the democratic transition in Pakistan, the High Commissioner told the gathering that the process of devolution of power to the district level had resulted in strengthening of grass root democracy.
Parliament was functioning robustly and checks and balances had been instituted to ensure the sustainability of democracy. Female participation and representation both at the local and national level had set new records for women's empowerment.
Dr Maleeha Lodhi said that while Pakistan's geostrategic location poses multiple and complex security challenges, this geographical positioning also offers great opportunities.
President Musharraf's economic vision was that Pakistan would become a regional economic hub; connecting South with Central Asia as well as the adjacent Middle East. The development of Gwadar port should be viewed in that perspective.
Pakistan's envoy told the audience that the promise of peace in the region opened up new business opportunities. She said those who seized these opportunities today would position themselves to derive great advantages in the future.
She reminded the audience of the need for Western nations to match their words with deeds in making the global trading system peer and fairer.
She said that developing countries including Pakistan need trade, not aid, and the rich industrialised countries must eliminate farm and other subsidies that contributes to an unlevel playing field.
Dr Lodhi was introduced to the audience by the Vice Chancellor of the University, Dr Terence Kealey and the Director General of the IEA, John Blundell.
Among the audience were staff and faculty of the University of Buckingham as well as alumni of the college.