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Singapore, August 22, 2012 (PPI-OT): The engines of growth in developing country are agriculture, SMEs and Real Estate. Pakistan is actively developing in the area of agriculture, SMEs but there is a lot of potential in the real estate in which investment can be made. This was stated by Mr. Yaseen Anwar Governor State Bank of Pakistan in a seminar in Singapore.
He further said that the challenges and negativity are there but it is the positivity’s which will help Pakistan in economic development. To a question on Islamic banking system he said that it has tremendous potential in Pakistan. There are some Islamic Banks interested investing in the agriculture sector of Pakistan.
A seminar on “Future Pakistan: Business Today” was jointly organized by High Commission of Pakistan, Singapore Business Federation (SBF) and Institute of South Asian Studies (ISAS) of the National University of Singapore (NUS) on Wednesday, 22 August 2012, The seminar aims to discuss trends, opportunities and challenges on business and investments in Pakistan.
Mr. Shahid Javed Burkhi, Chairman of Institute of Public Policy Lahore and visiting senior research fellow at the Institute of South Asian Studies Singapore. In his key note address he said that Pakistan was the test case for the development economies around the world 30 years ago. Now it is the least develop economy in South Asia. As it is lacking good governess, is engulfed in corruption and huge energy crisis.
He emphasize to increase the GDP growth rate we need a short term and long term policy frame work which should focus on Institutional reforms which aims to begin in three areas. Frist and the most urgent is the reform of the fiscal system the levying a consumption tax.
The second area would be to reform the system of accountability by giving its leadership autonomy and protection. The third part of immediate effort should be to reform civil service system. Again this is an area of reforms into which a great thinking has already gone what is requiring is political will.
He further emphasize the positivity in the agriculture sector, the demographic dividend, revolution of power from the center to provinces, arrival of one million women into the work force and the presence of Large Pakistan diasporas in three continents which is enough to lead Pakistan among the top ten economies of the world.
Pakistan High Commissioner for Pakistan in Singapore Syed Hasan Javed in his closing remarks stated that Pakistan-Asean trade has doubled over the past four years from US $ 4 billion in 2008 to US $ 8 billion. Pakistan’s 70% imports come from Asia, while its 40% exports go to Asia. Exports from Singapore to Pakistan grew by 48% to US $ 2 billion during July 2011-June 2012. Pakistan and Singapore has 16 cooperation agreements.
Pakistan is gateway to nearly half of the world’s population in China, India, Central Asia and West Asia. Pakistan is the world’s most promising emerging market with unbeatable advantages. Rate of returns in Pakistan’s Stock Market has been highest in the world in US dollar terms over the past 10 years. Annual rate of return is 40-50 percent while 100 percent repatriation of profit, dividend and equity is allowed. Pakistan has a well-developed banking sector, legal system with a reasonably good infrastructure and abundant human resource talents.
There are 800 Multinational companies in Pakistan. Since 2008 more than 100 Multinational companies have entered Pakistan including El Courte of Spain, Spanish brand ‘Mango’, Marketing giant Ispos, IT firm Teradata, British Chain store ‘Moda In Pelle’, and Debenham, US Clothing chain Georgegenti New York and others. More and more Singaporean comp0anies are looking at Pakistan as the next Star Economy of Asia.
Mr. Javed concluded by urging the participants to invest their own future by investing in Pakistan. The Seminar was attended by Prof. Tan Tai Yong, Director, ISAS and Mr. Karan Singh Thakral, Chairman, Singapore Business Federation, Mr. Yaseen Anwar Governor State Bank of Pakistan, Mr. Shahid Javed Barki, former Vice President, World Bank, Mr. Salim Ghauri, CEO Netsol Technologies Ltd. Mr. Moazzam Malik, CEO BMA Capital, Mr. Munir Shaikh Chairman Abbot Pakistan, Mr. Shahzada Dawood, Board Member, Engro Pakistan, Mr. Imran Nasrullah, Cargill Singapore.
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