Politicians challenged to secure Pakistan’s global economic future
Mark Lowcock said:“Pakistan has everything it takes to be a successful, thriving, prosperous Islamic democracy.’
Pakistan has potential to become a global economic player. It’s a powerful vision which can be realised if there is a focus on economic growth and implementing the vital reforms needed to stimulate and underpin growth a representative for the UK Government signalled yesterday.
Speaking at the Karachi School of Business and Leadership Mark Lowcock, the UK government’s most senior aid official, told business leaders and students that countries succeeding in today’s global race are those reforming the fastest to generate growth and reduce poverty.
Mark Lowcock said:
“Pakistan has everything it takes to be a successful, thriving, prosperous Islamic democracy.”
“If you develop a clear and shared vision, sustain a long term commitment to travelling the long road of reform, and refuse to be deterred by the problems that will inevitably arise, then you can transform your country within a generation.”
Citing examples from across Asia and Africa, Mark Lowcock pressed that Pakistan’s stake in the global economy, and future investment potential, could be transformed. It has enormous potential for trade. Population dynamics mean that over the coming decades it could reap a demographic dividend, if the economy develops in a way that creates jobs for all young people.
Mr Lowcock stressed elections as an important watershed in embedding an inclusive political system, emphasised the importance of greater transparency in public operations, and highlighted the need to broaden the national dialogue on economic reform.
Mark Lowcock said:
“Pakistan cannot sustain high rates of economic growth without a sufficient, reliable supply of energy…. The sector needs to be put on a more commercial footing, including a regulatory and tariff structure that is attractive to investors.”
“A tax system that collects less than 10% of GDP is unsustainable for any modern country. Without agreement and tangible progress on broader and fairer taxation, Pakistan will be unable to invest in a more prosperous future.”
“Pakistan needs to invest in its best asset, which is your own people, especially in health and education to build human capital. It is also critical to promote women’s participation in the economy. This is an issue of fairness and good governance. But it is also crucially an economic issue.”