Former Chairman Nowshera Industrial Estate and Vice Chairman of Pakistan Business Forum (PBF) Muhammad Ashfaque Paracha has been appointed as new Chairman of PBF Khyber Pakhtunkhwa (KP).
According to the notification issued here on Saturday a copy has been sent to the Chief Secretary office wherein Muhammad Ashfaque Paracha replaced Muhammad Atif Haleem. The PBF has started restructuring in the province for better coordination with all the stakeholders so as to be better prepared for the effective advocacy forum by one of the largest private sector businesses and conglomerates.
PBF designated KP Chairman Ashafque Paracha said the future of Pakistan lies in economic diplomacy and outreach to the world. Economic stability cannot come at the cost of military security and human security. In this KP province could play a pivotal role.
He said the challenge is too big to overcome and needs a broader national response. Pakistan must reorient the thrust of its diplomatic efforts towards economic benefit and prosperity of the masses.
He said, “Economic Diplomacy is not just a buzzword, but a blueprint to leverage our diplomatic assets in the service of our development agenda.”
A serious shift towards increasing trade and investment stakes of regional partners may well be the only answer to reviving growth and stability. It is a real test for the leadership to maturely and sensibly manage this transition from a security-led engagement to leveraging regional economic potential for shared prosperity and the possibility of catching up with the income levels of emerging Asia.
In addition to the state, the most important actors of economic diplomacy include regional organizations, financial institutions, sovereign wealth funds, private companies and non-governmental economic bodies.
Most recent literature closely links economic security with national security priorities where the role of economic diplomacy becomes crucial in neutralizing the security threats emerging from weak economic fundamentals.—APP
