ISLAMABAD, March 30: Stronger political system in Pakistan can only ensure continued economic growth that could lead to a sustainable development of all institutions.

This was the crux of a single day seminar on “Economic and Political Freedom Nexus Dialogue” here on Thursday. It was jointly organized by Friedrich Naumann Stiftung (FNST) in collaboration with FPCCI.

Speaking on the occasion, Manfred Richter of FNST said that those countries where political system had stronger roots, the economy developed very strongly. “Only true democracy ensure economic development,” he added.

For sustainable development, the German scholar said Pakistan need to develop a strong political system that could guarantee the consistent economic development which would help in attracting foreign direct investment in the country.

“I hope that Pakistan can understand the connection between political and economic freedom,” he added.

For how long you expect that European countries and United States would help Pakistan in maintaining economic growth, he said and added Islamabad had to develop its own institutions for sustainable development.

Gulmina Bilal said rule of law and impartial institutions, that could provide protection to the entrepreneurs, were prerequisite for achieving economic freedom.

“People want guarantee of their jobs. Uncertainty is not good for economic development,” she added.

State Minister for Finance Omar Ayub Khan said the stability vital for bringing prosperity in the country. He also underscored the need for interaction between the government and private sector for achieving sustainable development.

Former Finance Minister of NWFP Haji Muhammad Adeel said the cumbersome procedures mostly related to taxes and trade also deprived many people of the economic freedom. He said that until a democratic system was put in place, the economic freedom was not possible.

Mr Adeel said a few people were making money at the cost of the poor that have no access to credit and other resources of the country.

Director Liberty Institute of India, Barun Mitra said that India has a stronger democracy in the region. Only the democratic system could ensure economic freedom to common people, which he claimed were in vogue in his country. “Economic freedom was not a concern for multinationals or business tycoons,” he added. He said that in case of having independent and effective legal system, many a investor were ready to come and invest in many value-added sector.

Vice President, FPCCI, Zubair Ahmad Malick said that cheap labour and low cost of production could ensure economic development. However, he said that currently the wages of labour and cost of production in Pakistan were very high as compared to other countries in the region.

Farhan Bokhari mentioned that stronger political system and cheaper inputs could ensure the stable growth in economic activities in Pakistan.