The developed world is expected to ponder over ways and means to contain fall-out of the global financial crisis, impact of bailouts and balancing of competing demands of Wall streets and all streets at the meeting of the World Economic Forum (WEF) starting from January 28 at Davos.

But Pakistan hopes to use its participation for engaging potential investors by highlighting its geographical and demographic advantage and its strong commitment to peace in South Asia..

“The WEF annual meeting will provide the prime minister an opportunity not only to interact with a host of world leaders bilaterally but to seek support of the world business community for enhancing investment in and exports from Pakistan”, says a statement from the PM House in Islamabad received on e-mail.

“Through his meeting with the chief editors of the leading world media organisations, the prime minister will project Pakistan’s endeavours for confronting terrorism, normalising relations with Afghanistan, efforts for defusing the situation in South Asia and cooperation with India in the investigation of the Mumbai attacks, institutionalisation of democracy and stabilisation in Pakistan”, the statement added.

The critics that include some coalition partners of the Gilani government view the participation in WEF meeting as an extraordinarily expensive photo shoot for the VVIPs because they feel that the 10- month old PPP government has not much to project as its achievement. Moreover, in the current economic crisis, western investors would be more inward looking and not so keen as to spare thoughts for some small economies like that of Pakistan.

“Claiming to be better than dictators when the economy is sinking despite IMF bailout would not impress well-informed shrewd business tycoons or leaders of the leading nations. Yousuf Reza Gilani will need innovative ideas to attract attention of world leaders. Unfortunately there is no effort to develop out of the box solutions to the problems,” said an expert eyeing activities at multilateral forums.

“The economy is on the slide and the country stands isolated in the comity of nations. It is true that Pakistan Peoples Party inherited a difficult legacy as many problems that the country faces are the outcome of the negligence of the Musharraf/Aziz government. However, the current breed of leaders too have failed in projecting any vision to come to grips with problems”, said Sardar Rahim, a businessman of Karachi close to Sharif brothers.

“I do not see much leverage for Pakistan at a forum with an agenda to discuss the cause and effects of the global financial crisis. Besides, our issues are different, many developed countries are facing threat of deflation whereas in Pakistan inflation is as high as 20 per cent. While many countries are encouraging business by lowering interest rates, we follow a tight monetary policy with interest rates in double digits. It would be more of a learning trip for our leaders. They should have included private sector representatives in the delegation”, said Moin F Fudda, Country Director, Center for International Private Enterprise.

Press Secretary to the Prime Minister, Hasan Gardezi, told Dawn over phone that about a dozen businessmen will attend the forum. “These people are travelling to Davos privately but will coordinate with the country’s delegation there. This year the government has tried to minimise the cost of participation by keeping the delegation small and cutting unnecessary expenses during the stay”, he explained.

It would, however, be difficult to know how the delegation has performed at Davos as the government has dropped journalists from the private media. “The government is not happy with journalists who enjoy largesse of the government hospitality during overseas tours but on return spill the beans”, admitted an official of the press information department.

Prime Minister Yousuf Reza Gilani will lead the delegation on invitation of WEF chairman, Dr Klaus Schwab. The annual meeting of the global economic and financial leaders will start on January 28 at Devos, the scenic health and sport resort of Switzerland. According to sources in the PM secretariat, 42 other head of states have so far confirmed that they will attend the prestigious event.

The spokesperson of the PM Secretariat confirmed to Dawn that the total 26-member delegation includes security, personal and official media staff along with economic, commerce and investment ministers, Hina Rabbani Khar, Amin Faheem and Waqar Ahmed Khan. — Afshan Subohi