Asia to become economic powerhouse by next decade
ISLAMABAD
(October 01 2008)
Pakistan Economy Watch has said that only regional cooperation can provide relief to 500 million poor living in South Asia. Political differences, if set aside, will spur new era of growth and Pakistan will reap dividends as Asia will be world's centre of economic activity by next decade.
Pakistan needs to avail this chance and initiate preparation as we have missed many opportunities in past, Dr Murtaza Mughal, President, Pakistan Economy Watch said. "No doubt that Pakistan will be world's leader in textiles and banking," he added. He said 500 million people are living below poverty line in South Asia and their plight will only end if region can grow at a rate of eight per cent, which is only possible in presence of enhanced regional trade.
He said that regional trade is five per cent of the total Saarc trade activity while trade among Association of Southeast Asian Nations is 30 per cent. Intra-European Union commerce has been estimated at around 55 per cent. He said that a common strategy is needed for the purpose and India should rethink about her aims of regional dominance and expansionism. Otherwise, Dr Murtaza Mughal said, everybody including New Delhi will be at the loosing end.
He said that New Delhi is mulling to ban FDI from Pakistan which will sent very negative signals. Pakistan and India have lead role in regional grouping and the two countries can promise a good future to masses if they show flexibility, which will immediately result in augmented bilateral trade to the tune of 10 billion USD.
He said that the region need to focus on FDI, tourism, deficits and technical expertise in which it is behind other regions. "Political differences, corruption, lack of proper infrastructure etc are also stumbling blocks," said Dr Murtaza Mughal. He said agriculture insurance is a very positive step that can change the fate of Pakistan if executed properly.
Copyright News Network International, 2008