LAHORE: There is a need to give deeper look into existing economic policies to get real benefit of globalization that actually is a pack of opportunities. Pakistan is a resource-rich country but unfortunately previous governments did not tap this unmatched potential.
This was upshot of the speeches delivered at a seminar on “Impacts of Globalization on Public & Private sectors of Pakistan” here at the Lahore Chamber of Commerce & Industry. The LCCI President Abdul Basit, Vice President Muhammad Nasir Hameed Khan, Convener Standing Committee on Public/Private Linkage & Entrepreneurship Development Uzma Manzar, the LCCI EC Member Awais Saeed Piracha, Former Chairman National Counter Terrorism Authority (NACTA) Pakistan Khawaja Khalid Farooq, President Association of China Enterprise Wang Zihai, Chairman Turkey Tumsaid, Pakistan Chaudhry Anees Iqbal, Head of Digital Banking, Finca Bank Global Sohail Malik, Ali Khan, President South Asia Triple Heliex Abid Sherwani, Hassan Amjad, Ahmed Qureshi, Atiq Ahmed, Ahmed Saeed and Imran Khawaja were the key speakers.
The speakers said that world has become a global village and created immense economic opportunities. Not only developed but the developing countries have benefited hugely but Pakistan is still lagging behind and is in a dire need of measures to avail the benefits and to meet the challenges of the economical globalization.
The speakers said that globalization is engaged in greater free trade, capital flow, integration of global trade cycle. Unfortunately, Pakistan cannot reap the opportunities and still struggling for economic stability and facing some serious economic problems like decreasing exports and swelling trade deficit. Those reasons should be focused that are affecting the Pakistan’s ability to compete in the global market.
The LCCI President Abdul Basit said that globalization process is getting the momentum with every passing day and would continue whether any country likes it or not. Therefore, instead of fearing it, we should enhance our competitiveness.
He said that manufacturing sector needs support of the government to overcome the issues of high input cost, lack of skilled human resources etc to a reasonable share in the highly advanced international trade. It would also help produce employment opportunities, would give a considerable boost to the national exports and would also generate more revenue for the national exchequer.
The LCCI Vice President Muhammad Nasir Hameed said that globalization has allowed free-flow of trade, investment and human capitals across the international borders. Keeping in view the ground realities, our trade & investment policies should be liberalized and attractive for the foreign investors.
Convener Standing Committee on Public/Private Linkage & Entrepreneurship Development Uzma Manzar called for enhancement of industrial competitiveness, human resources development, better economic policies and promotion of information technology among the entrepreneurs. She also emphasized the need for short-term and long-term policies for international trade and to overcome the issue of brain drain.
