ISLAMABAD: United Nations Economic and Social Commission for Asia and the Pacific (Escap) Executive Secretary Dr Shamshad Akhtar has said Pakistan needs to fast-track domestic structural reforms critical for regional trade and investment flows with a view to realise the full potential of regional cooperation initiatives.

Speaking in Bangkok at a ceremony to mark Pakistan’s 70th Independence Day, which coincides with Escap’s 70th anniversary, Dr Akhtar said that sustainable development pathways, supportive legal, regulatory and policy frameworks, strengthened public finance, deeper capital markets and a favourable business environment are all prerequisites for maximising the benefits of regional economic cooperation and integration.

She said that as an integral part of Asia, Pakistan must strive to achieve higher and robust growth by adopting inclusive and sustainable development to underpin an equitable society, while reducing the multi-dimensional poverty gripping 40 per cent of the population.

Barring a few good years, Pakistan’s development has been impacted by structural fiscal and external imbalances, low investment levels, lack of economic diversification, risk averse bankers and investors, and a weak implementation track record that complicates the cost of delivery, she said.

Industrial capacities created largely service growing domestic demand, leaving limited scope for exports, the demand prospects of which have not been fully exploited. Achieving a turnaround in Pakistan’s export performance is critical, as boosting foreign exchange reserves through borrowings is not sustainable.

Published in Dawn, August 23rd, 2017