According to newspaper reports, the share of Pakistan’s trade in the global market has increased by 5.48 percent during the last five years and it will further increase after completion of the China-Pakistan Economic Corridor and stimulation of economic activities due to regional trade arrangements. However, given the situation in which the exports are falling, industry is under pressure and the government authorities are putting maximum pressure on the business community to increase its revenue collections, there is little hope for improvement in the export sector. Unfortunately, Pakistan’s share in the global market is only 0.07 percent which is not something to be proud of. India’s share is around 0.6 percent and China’s 4 percent. There are lot of potentials to enhance commercial and industrial activities and to enhance exports. However, the government will have to resolve electricity crisis, reform tax system and encourages the business community to build and operate their own industrial units in the country instead of looking towards the Chinese manufacturers for cheap production.
Pakistan is one of the few countries where investment flow is very minimal. Rather, the government steps often push the genuine businessmen to look for other options and set up their businesses in foreign lands. Once the government seriously enters a business mode and tries to improve law and order, lowers the cost of production and opens its heart for the foreign investors, Pakistan can be turned into a promise land for the global investors. The country holds very unattractive position in the global ease of doing business index. In the current situation, Finance Minister Ishaq Dar is on the driving seat and is working as deputy prime minister. But there is drastic lack of coordination between various ministries concerning commerce, trade and finance under his note. All the ministries of trade, finance and commerce are working in their specific domains without any cooperation and coordination among them. This sends conflicting messages to the business community as well as the implementation machinery.
Ironically, the law minister is allowed to speak about trade and economy and he revealed the progress made by the country in the field of trade and investment with reference to the global economy. After coming to power, Prime Minister Nawaz Sharif had announced that he would work on one point agenda and that was economy, economy and economy, but his presence is not visible anywhere in the economic matters. Pakistanis deserve better standard of living, but this is not possible without good governance. The ministers are good at issuing statements and the bureaucracy is good in enjoying salaries and perks without delivering to the nation. The government has now little than two years to remain in the office and it is the time it should work for the improvement of the economy.
