SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik Sunday said diversification of economic activities across various sectors including technology, renewable energy, agriculture, healthcare, and manufacturing can shield Pakistan from the uncertainties of global markets.
In a statement issued today he said as Pakistan continues to navigate the complexities of the international economy, diversification can prove to be a pivotal strategy for sustainable growth and resilience.He said in today’s interconnected world, economies are increasingly interdependent.
By investing in diverse sectors, we can mitigate risks associated with economic downturns in specific industries,he added.
He said more over, diversification fosters innovation and entrepreneurship. Encouraging a wide range of industries not only creates job opportunities but also nurtures a culture of creativity and adaptability.
Adding he said Innovation is a driving force behind economic progress, and diverse industries provide a fertile ground for new ideas and inventions.He said we can build a robust and resilient economy that can withstand the challenges of the modern world while fostering sustainable development and prosperity for all citizens of Pakistan.
Iftikhar Malik said additionally, diversification enhances our global competitiveness as a varied economic base allows us to cater to a broader range of international markets.He said this adaptability will position Pakistan favorably in international trade and foster economic growth.
He said further more , diversification contributes to regional development and strategically investing in different sectors across various regions of the country, we can bridge the economic disparities between urban and rural areas.
This inclusive approach not only uplifts communities but also strengthens the social fabric of our nation,he concluded.—PR
