Economic gap between West, Asian economies shrinking - Pakistani
PM
The economic gap between the West and Asian economies is shrinking,
Prime Minister of Pakistan Syed Yusuf Raza Gilani said at the
inauguration of Expo Pakistan 2011 in Karachi on October 19.
‘This event has become an annual event held at the cosmopolitan city
of Karachi to showcase the complete range of quality products and
services offered by Pakistan. It is heartening to see such a large
gathering of foreign guests and I wish them all a pleasant stay in
Pakistan.
Prime Minister Yusuf Raza Gilani |
‘I had declared the year 2010-2011, as the Year of Exports. It is
most gratifying that we achieved the milestone of US dollar 25 billion
exports this year. Of course, it was made possible through the combined
efforts of the public and private sector and in this regard I would like
to compliment the Ministry of Commerce and the Trade Development
Authority of Pakistan,’ PM Gilani said.
‘I would like to take this opportunity to congratulate all the
stakeholders whose collective efforts have made us proud in making this
year truly the Year of Exports. We do realize the hardships of the
business communities who are facing severe problems in the face of
energy outages and still they have outperformed. It is the ingenuity and
hard work of the Pakistani entrepreneurs that made the difference.
Having said this, the democratic government is fully cognizant of these
difficulties and is taking appropriate steps to overcome all such
problems to facilitate the undertaking of businesses in the country.
‘I performed the ground-breaking of the Daimer-Basha Dam only
yesterday, which would not only add 4500 megawatts to the national grid,
but also provide a solution in controlling the floods and also provide
sufficient water to irrigate country’s vast cultivable lands,’ Gilani
said.
He said on the global scene, a major shift is surely but steadily
taking place through economic redistribution amongst the world
community. Most observers agree that economic gaps between the West and
the Asian economies are shrinking to the advantage of Asia. In
particular, our neighbours, especially China, are seen as the engine of
growth for the world economy in the coming decades. They are heading
with nearly double-digit growth rates bringing millions of their
citizens out of the shackles of poverty as their economies generate
wealth at a worth mentioning pace,’ he said.
‘In Pakistan, the growth rate is not at a desirable level due to
multiple problems. However, this year’s remarkable growth in exports is
a testimony to the great potential of our export sector which
demonstrates the country’s capability and indeed refutes the notion of
sluggish economy. It clearly establish the resilience of our businessmen
and of the economy.
‘While the leaders of our industry help lead our country on the path
of prosperity, it is imperative that we provide them the most effective
and timely support for making businesses more competitive and
attractive. In this regard, the President and I have been emphasizing
Pakistan needs Trade not aid.
‘Our government has made concerted efforts to acquire better market
access for Pakistani products in the world markets. The EU’s offer at
the WTO to Pakistan for duty free access to goods from 75 tariff lines
is just one example of such endeavours of our government. By 2014,
Pakistan expects to qualify and benefit from the EU’s import
preferential treatment under the GSP Plus regime allowing duty free
access for all the products of our export,’ Gilani said.
‘Pakistan has already entered into preferential and free trade
agreements with China, Malaysia, Sri Lanka, Iran, and Mauritius. I would
strongly urge our exporters to take full advantage of the market access
opportunities of the bilateral agreements. We are also making concerted
efforts to enhance regional trade with our neighbours. Recently held
trade talks between India and Pakistan are going in a positive
direction.
‘The Ministry of Commerce announced a three-year Strategic Trade
Policy Framework to provide a long-term policy framework of sustainable
businesses. This would enable them to plan expansion and growth. As we
move forward, I would urge the concerned government agencies to simplify
procedures, reduce red tapism, and enhance transparency and efficiency
to create a business-friendly environment.
‘I am happy to note that meaningful headway has been made in this
regard by the people’s government. A recent acknowledgment of this fact
is a World Bank Report “Ease of Doing Business in South Asia”, which has
ranked Pakistan as one of the attractive investment destinations in the
region.
‘Pakistan is endowed with exceptional human and natural resources
which offer excellent opportunities for developing mutually beneficial
businesses. However, there is a need to harness the potential to the
full extent in order to give impetus to our economy. Pakistan is facing
the menace of terrorism at home and in our neighbourhood, I would
venture to say that Pakistan is still an attractive country for doing
business.
‘To illustrate this, the recent experience of a Spanish company, EL
CORTES INGLES, is worth mentioning. This multibillion-dollar company
with a large network of departmental stores in Europe visited Pakistan
on the invitation of TDAP with more than 30 buyers last year. They found
a large range of competitive product and of high quality. The company
Chief Executive wrote:
“Perhaps it is not the level of insecurity but the view that the
media gives to western citizens which restrains their travelling to
Pakistan.” Resultantly, the Spanish company appointed an Exclusive
Buying Agent for Pakistan, and orders have already started to pour in. I
am confident that those foreign friends, who have chosen to be our
guests at this EXPO, will also be pleasantly surprised to find Pakistan
a profitable place to do business.
‘In the end, I would like to commend the competence of our exporters
and entrepreneurs for their admirable performance. I would also like to
thank the business community for their assistance and support to the
government’s efforts for rehabilitation of flood affected people. I
expect the exhibitors at this EXPO to play the role of our trade
ambassadors. They should not only showcase and market quality products
and services but also practice the best business ethics.
The focus should be to build long-term business relations with our
customers abroad with a view to establish “Made in Pakistan” as a
reliable brand,’ Prime Minister Gilani said. |