Lack of long-term, consistent policies leads to slow or no progress
Zubair Qureshi Islamabad
Former Minister of State & ex-Chairman Board of Investment (BoI), Muhammad Azfar Ahsan, in his keynote address at a seminar titled “Developments in the Middle East: Lessons and Opportunities for Pakistan” observed Foreign Direct Investment (FDI) would continue to elude us unless we address our internal issues.
“With the continuation of policies and with collaborative effort of all concerned, we can draw FDI worth around USD 25 billion in the next 8-10 years.”
He was addressing a seminar jointly organized by the Islamabad Policy Research Institute (IPRI) and a local media house here Wednesday.
Azfar Ahsan who is also Founder & CEO, Nutshell Group also expressed his concerns over the lack of a long-term consistent policy and political will. This ultimately leads to slow or no progress, he said.
Azfar shared his observations on what has worked for the economies of Saudi Arabia, UAE and Qatar, and stressed that Pakistan needs collaboration and continuity at all levels, to be able to follow the same trajectory.
About the need of the hour, Azfar declared competence and merit to be the best instruments for progress, as has been illustrated in the case of Riyadh and Qatar; both have come up as fast-progressing economies. “Meritocracy and competence should be the only criteria for people at the helm of affairs in the Government, and non-performers need to be removed.”
Azfar pointed out that the country lacks cohesion and coordination among all relevant stakeholders. He also emphasized that business is all about mutual benefit and that Pakistan cannot continue business engagements solely based on friendships and personal relationships.
Highlighting the need for a Big Rethink, Azfar said; “Things can improve with the appointment of competent individuals at the right places. Pakistan cannot compete globally with the current system and policies. These problems are solvable, and given the right direction, Pakistan will be ready to fly. To make this happen, however, the elite of Pakistan needs to put Pakistan first.”
Azfar also stressed on the importance of creating an enabling environment for Saudi investors. “Pakistan needs to identify the sectors where investment is needed and facilitate foreign investors instead of discouraging them. Rather than focusing on loans and subsidies, we should aim to attract a few billion dollars annually from Saudi Arabia, Qatar and UAE.”
Azfar praised the efforts of Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, His Royal Highness Muhammad Bin Salman, as an exceptional visionary and credited KSA’s Vision 2030 to be a relevant blueprint for Pakistan.
