Prime Minister Nawaz Sharif has expressed the hope that the country will continue to travel on the path of sustained economic development, which is also acknowledged by international financial institutions. Talking to a Chinese delegation, he pointed out some chronic challenges facing the nation such as energy crisis, terrorism and rising trade deficit. However, he hoped that his government would be able to improve security situation and will rid the country of power shortage forever.
No doubt the power supply has improved to some extent during the present government tenure, but the people are still facing the brunt of load shedding, which has adversely affected not only the domestic consumers but also the industrial sector. The government is trying to generate electricity from diverse resources, but it could not start mega projects like Kalabagh Dam and other electricity generation projects due to one reasons or the other. However, a 1,320 MW coal based power project is being set up in Balochistan in collaboration with China and it is hoped it will fulfill the needs of the province to some extent. China is the latest model of economy to emulate. Both Pakistan and China have close relations and Beijing cooperation should be sought to transfer its light industries to Pakistan instead of Bangladesh. At the domestic level, a conducive business environment is imperative to attract foreign direct investments in business, tradeand energy sectors. Pakistan is a huge consumer market of 200 million people and western nations can be induced to set up industries in the country. The prime minister rightly pointed out that China-Pakistan Economic Corridor is not only a step towards regional connectivity, but also a road for regionalization of the cherished goals of peace and prosperity. The central Asian states can be connected to the corridor through China and Afghanistan and a regional economic block will be in the best interest of all nations.
The economy of Pakistan has come out of the years of slumber and all the variables are in its favour. The international financial institutions forecast the country’s gross domestic product at 4.7 percent after years of depression. According to a report of the World Bank,the Pakistan’s economy will continue to rise for another four years. India is the biggest enemy of the development of Pakistan and the government will have to keep a close eye on its treacherous moves. The recent spate of suicide bombing and attacks on security forces along the border with Afghanistan should be carefully tackled as India is putting all its money and resources to neutralize the economic gains of the country. The prime minister is hopeful of economic gains, but should also look into obtaining wholesale loans for non-developmental projects.
