The World Government Summit 2019 marks another achievement for global convergence. It was a moment of opportunity for Pakistan, and Prime Minister Imran Khan did justice to the cause.
Not only did he articulate his vision of governance but also on economics. The crux of his speech was that Pakistan is transforming now and it is the ideal time to participate. A businessman’s incentive is ‘profit maximisation’.
It is important to understand here that the policies should not be multinational companies oriented. Domestic investors should also be protected and provided opportunities. There should be a level playing field. And the field has transformed.
Our government must consider global trends as well while reforming policies. Globalisation was a phenomenon of the 90’s and early 2000’s. Now, it’s ‘slowbalisation’. Transport costs of goods are no more decreasing.
MNC’s find domestic rivals as potential threats hence discourage expanding now. Regional cooperation is preferred to global convergence. Instead of producing goods like before, providing services yield profits.
An example of a service sector arrival in Pakistan is Careem, and it has been successful as well. Our government can attract investors, but trends are changing. Will our government be flexible in this sector as well? It will be known soon.
Rehan Hamid Karimi
Published in Dawn, February 12th, 2019