Energy crisis, political impasse and regional instability are a few factors which have increased economic woes of Pakistan but Chinese Ambassador Sun Weidong’s statement that the days are not far off when Gwadar will bustle as the busiest port in the region gives Pakistanis a hope of a bright future. According to the ambassador,the mega projects such as Gwadar Port could not complete overnight;however, the work is in progress and the Chinese president will also visit Pakistan as soon as the situation returns to normal. On Chinese loan of $35 billion to Pakistan, the Chinese ambassador said that loans are also a kind of foreign investment and that the work for the upgradation of the Karakoram Highway is underway after which trade between Pakistan and China will increase manifold.
On another note, Lahore Chamber of Commerce and Industry (LCCI) President Ejaz A. Mumtaz has called upon the government to devise a comprehensive strategy to increase local and foreign investment in the country.He says that the LCCI is ready to play its role in stimulatingeconomic activitiesin the country.
In fact a close interaction and cooperation between the official machinery and the private sector is the need of the hour.Pakistan is in the limelight for one reason or the other since its inception and despite all odds it has made tremendous progress in various fields of economy. Still it is said that Pakistanis are poor by choice as all the economic variables indicate that Pakistan is a potentially rich country with a vast agriculture land which is perfectly alright for corporate farming. Pakistan’s industrial base from cottage industry to mega industrial units –with skilled workforce — can work as an engine of the economic growth not only for the country, but also for the region. Pakistan is blessed with an exceptional geographical location and Gwadar Port has the potential to become economy of the region. There is a need to take revolutionary steps to attract foreign direct investment as well as boost the confidence of the local and regional businessmen to invest in mega projects.
