ISLAMABAD: Former governor State Bank of Pakistan (SBP) and ex-special assistant to prime minister on institutional reforms Dr Ishrat Hussain has said that in order to become an economic hub of the region, Pakistan has to adopt new ideas with an open mind and have to promote regional trade to make the country economically strong.

Speaking at a seminar organised by the Centre of Pakistan and International Relations (COPAIR), former ambassadors, diplomats and people from various walks of life said that Pakistan experienced economic development in the 1960s after which the journey of degradation began, adding political stability was very important for the development of the country Dr Ishrat Hussain said that our foreign economic policy should be direct and goal-oriented.

“Globalisation, technology, demographics are an important component of a country’s economic policy. We have to promote regional trade.”

He said joint ventures with national companies should be initiated and Pakistani companies should be equipped with modern technology to increase their production.

He said that we should establish better relations with United States, China, the Gulf countries, Afghanistan as well as neighbouring countries.

Dr Hussain suggested that Pakistan should sign a free trade agreement with Afghanistan and with the cooperation of partners focus on establishing industrial zones in Afghanistan.

“CPEC should be extended to Afghanistan. We should enter into long-term agreements with Gulf countries to meet our energy needs.”

He said a new agreement should be signed with India in the water sector.

Amna Munawar Awan, president COPAIR, said that there was a need to import knowledge of latest business models to the young entrepreneurs to promote startups.

Former ambassador Aizaz Ahmad Chaudhry said education plays an important role in the development of any country and improvement in GDP.

“But at the same time, if we want to develop and become the economic hub of the region, we have to change our mindset.”

Published in Dawn, October 8th, 2022