Focus of Pakistan: Current Priorities to Promote Development

Image by QASIM REHMANI from Pixabay

Recent news from Pakistan Observer and Dawn on the nation's worries points to three current priorities to support its growth: construction sector development, prioritization of export, and trade partnerships with regional countries.

Promotion of the Construction Industry

A delegation of the Association of Builders and Developers of Pakistan (ABAD) was reported on May 29 to meet the Caretaker Chief Minister (CM) of Punjab, Mohsin Naqvi, at the CM office, bringing about the problems of the construction industry and putting forth various proposals to promote the industry.

Caretaker CM assured the delegation to enforce the implementable proposals for promoting the sector. He said that it is crucial to revive the construction industry because it can restore the employment of millions of people. Also, he directed Lahore Development Authority (LDA) and other institutions to focus on making building laws public-friendly.

Here are the highlights of the meeting:

① A principal decision was made based on the recommendations of experts to review afresh laws relating to the construction industry.

② The proposal to set up Residential Management Committees in private housing societies was reviewed.

③ A committee was established under the headship of Commissioner Lahore/DG (director general) LDA, which will formulate its final recommendations after consulting with ABAD officeholders and other stakeholders.

Image by QASIM REHMANI from Pixabay

Prioritization on Export

CEO of Trade Development Authority Pakistan (TDAP), Mohammad Zubair Motiwala, said on May 28 at a meeting, that the government is prioritizing on facilitation of export. Reducing imports and increasing exports is an indispensable way to solve Pakistan’s economic problems. The business community is key to getting Pakistan out of its current economic problems.

Motiwala visited the Islamabad Chamber of Commerce and Industry and the meeting was held with the President of the Chamber Ahsan Zafar Bakhtawari. He also added that TDAP’s main objective is to solve the problems of the business community and ensure Pakistani goods’ access to every market in the world. Furthermore, he recognized the Islamabad Chamber’s revolutionary measurements in the last year and that it is fulfilling its responsibilities as the representative chamber of the federal capital.

Speaking of the export, ICT exports are an important source of forex earnings in Pakistani overall services exports because they can potentially boost services exports and help reduce the services trade deficit. But policies need to be made to develop and deepen the development of the ICT sector.

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Trade Relations with Regional Countries

Motiwala further expressed his view in the meeting that a special focus on trade relations with regional countries is needed. 

What is also worth mentioning is, the China-Central Asia Summit in Xi’an City was held earlier these days. Uzbekistan President Shavkat Mirziyoyev attended the summit and delivered a speech proposing the goal of further increasing the trade volume between Central Asian countries and China. He continued that the construction of the Trans-Afghan Corridor will further enhance connectivity with China, especially Pakistan, and the countries of South Asia through alternative ways within the BRI mechanism.

Business Opportunities Behind

Product suppliers in Pakistan, especially those who are in the field of ICT business, may focus more attention on the export business. For other businesspeople in the construction field, a more promising and socially friendly business environment is to be seen. Keeping confidence and staying to it may be a good idea.

References: 1. Pakistan Observer 2. Dawn

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