The Vice Chancellor, Karachi University, Pirzada Qasim Raza Siddiqui, has said that the changing financial situations in the world demand that our businessmen and finance experts are abreast with their financial responsibilities. This he said while addressing a seminar on 'Changing Paradigm in Finance and Emerging Trends in Global Trade' held on Sunday.
He further said that the government is striving to take the country out of the current wave of financial turmoil, however, our people concerned with trade and finances must update their skills and knowledge keeping in sight international standards of accounting and finances.
Speaking on the occasion, Professor Dr M Abuzar Wajidi, Dean, Faculty of Management & Administrative Sciences said that benefits of trade and globalisation are still to reach a huge population on earth because half of the poorest states of the world do not have their negotiators in the WTO to defend their interests.
He suggested that the international policy makers need to develop a balance between open markets and complementary domestic policies. He insisted that reforms in global trade could help alleviate poverty, which is one of the biggest challenges the world community faces today. Khalilullah Sheikh, Director Finance, KESC said that the present change in paradigm of finance is that consumer lending has taken place in many developed countries. In the US and Europe, lending money to people even over and above their incomes has led to current financial crisis, he said. He said that with cheap labour and agro-based Pakistan can improve the services sector through proper training of personnel.