‘Subjective factors holding back Pakistan’
KARACHI: Subjective factors are holding back Pakistan, a nation that fares better than most its equals in the emerging world. “Pakistan has good cards. Here, it is more a question of playing them well.”
David Martin Darst, an investment strategist, writer and an incorrigible optimist, visiting Pakistan on the invitation of Aga Khan University Hospital, said while talking exclusively to Dawn.
Currently he serves as a senior adviser and a member of Morgan Stanley Wealth Management Global Investment Committee, the company he joined in 1996 from Goldman Sachs.
Counting Pakistan’s blessings, he mentioned demographic bonus, its geography, vibrant media, entrepreneurial bent, assertive judiciary, history and rich cultural diversity, pool of overseas Pakistanis remitting sizeable monies, deep-rooted faith, existence of family and community.
He considered future outlook good for Pakistan and bracketed it with nine emerging economies that have collective potential to outperform giants, like China and Japan, in the next four decades.
He reposed confidence in the country’s capital market which he thought can attract big inflow of portfolio investment on the strength of its comparative performance.
“People tend to see the world too simplistically. Sometimes greatest investment opportunity is in countries that are perceived to be most risky.”
David, who was in the office of Morgan Stanley at the World Trade Centre when it was attacked on Sept 11, 2001 and was amongst fortunate people who left the building before it collapsed, did not sound bitter.
He first came to Pakistan about 20 years back and likes to return to the country at every chance that comes his way.
“This is my 10th visit. I have seen a few cities and been to up north. I think Swat and other hill-stations are amongst most beautiful places I have ever been to. The more I know the country, the more I like it,” he mused.
He said Pakistan is the middle child of Asia, neither big, nor small and would play a decisive role in setting the direction for the region.
“The family goes the way of the middle child,” he quipped lamenting the negative world image of Pakistan that has failed to acknowledge its contributions, including the size of its participation in UN peace-keeping forces in difficult environments.
Published in Dawn January 28th, 2015
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