LAHORE: Asian Development Bank (ADB) Country Head Lerner Liepach has said that private sector investment is vital for economic growth and development challenges.
He said this during a meeting with current and former office-bearers of Lahore Chamber of Commerce and Industry (LCCI). ADB Chief Economist Sharad Bhandari, Director Najma Minhas, LCCI President Ijaz Mumtaz, former presidents Mian Muzaffar Ali, Zafar Iqbal Chaudhry and former vice President Sikandar Khan were also present.
Liepach stressed the need for more resources for investment, domestic and foreign direct investment (FDI) particularly in export-oriented sectors through higher productivity and competitiveness, more diversification of economy and exports.
Briefing about Country Partnership Strategy 2015-2019, he said the strategy would focus on infrastructure development with investments, sector reforms, capacity development, institutional reforms for resource mobilisation, private sector participation and public service delivery.
He said although ADB was extending assistance to fulfil the infrastructure needs of Pakistan but substantial results could be achieved if other investors from private sector could co-finance the big infrastructure projects with ADB.
LCCI President Ijaz Mumtaz said it was a good omen ADB was ready to launch CPS 2015-2019. Recently expired CPS was rated less than successful but by way of plugging the gaps, the rating can be improved, Mumtaz added. He suggested periodical evaluation of projects should be done in order to minimise the chances of failures.
