Sunday, April 13, 2014
Lahore—President Syed Mamnoon Hussain said on Saturday the revival of national economy was top priority of the government by ensuring an investment and business-friendly atmosphere. He said effective measures were being put in place to overcome the energy shortage as well as improvement of law and order. Foreign direct investement (FDI) was now scaling up due viable policies of the government, he added.
The President was addressing the 2nd LCCI OIC Ambassador Conference-2014 at a local hotel, where Punjab Governor Chaudhry Muhammad Sarwar, OIC (Organisation of Islamic Conference) member countries’ ambassadors, Lahore Chamber of Commerce and Industry (LCCI) President Engineer Muhammad Sohail Lashari, and a large number of investors and businessmen were also present. Institute of Strategic Studies Director General Dr Rasul Baksh Rais gave a detailed presentation on Muslim-Common Market. The conference was aimed at identifying ways and means to promote trade among the OIC member states.
The President said the LCCI was playing a crucial role in Pakistan’s overall economic development and congratulated its office-bearers and other quarters concerned for successful holding of the second OIC trade conference. The government, he said, was aware of the problems of business community and was taking solid steps accordingly for their early and durable solution. Mamnoon Hussain said all resources were being mobilized for provision of an enabling atmosphere to the business community and improvement of law and order. All available means were being explored and utilized for energy generation because the government was committed to transforming Pakistan into a business and investment friendly country, he added.
The President termed public-private partnership a need of the hour, which, he said, could produce better rsults in all sectors of the economy. He said there were vast opportunities in sectors of energy, infrastructure, rail and roads, and assured that the government would extend all-out support for investment in the sectors. Special attention was being given to agriculture and livestock, which could jack up the process of economic development in the country, he observed. Mamnoon Hussain said the OIC states had great potential for economic cooperation with their immense natural and human resources, but unfortunately, intra-OIC trade did not reflect this potential.
He said,” The LCCI 2nd OIC Trade & Investment Conference is a giant leap towards bringing the members of Organizing of Islamic Countries (OIC) in close proximity. Such initiatives would not only enhance trade and economic cooperation between the Muslim countries, but would also pave the way for progress and prosperity in the Muslim countries.” Mamnoon Hussain said role of the private sector must be emphasized in trade promotion and economic development and it had to be involved by the governments of OIC member states in their endeavors to achieve this goal.
There was a dire need of a centralized electronic database on trade, investment policies and tariffs etc. and it’s sharing amongst the OIC countries. There might be frequent trade exhibitions and interaction amongst the chambers and the governments of these Muslim brotherly countries, he added.
He said the Pak-China Economic Corridor would usher in a new era of economic development in the whole region as it would not only benefit Pakistan and China, but also Middle East, Central Asian Republics and other neighboring countries. He said efforts were being made to improve the energy and security situation in the country that were the biggest impediment to foreign investment and it was not the GDP alone that would get a boost but foreign investment would also increase considerably in next few years.
Courtesy Pakistan Observer