Morgan Chase CEO lauds Pakistan's rapid economic Development
NEW YORK (US): The Chief Executive Officer of JP Morgan Chase, one of the leading international banks has lauded the rapid economic development of Pakistan.
The CEO James Dimon made these remarks while talking to Pakistan's Associated Press after a meeting with Prime Minister Shaukat Aziz here on Wednesday.
The Premier arrived here earlier in the day on a week-long visit to the United States.
James Dimon said that Pakistan has made a rapid economic progress especially during the past five years.
He recounted the contributions in this regard by Shaukat Aziz first as Finance Minister and now as Prime Minister.
The CEO pointed out that Shaukat Aziz was doing a great job for Pakistan and its people.
He expressed optimisim about further growth of Pakistan's economy mainly because of education of the people.
Expansion of Business
James Dimon suggested that his organization would expand its business in Pakistan saying that his organization would do whatever it could to contribute towards the country's betterment.
Earlier, during the meeting he apprised the Prime Minister of his
organization's operations in Pakistan. He highly appreciated the progress that has been made by Pakistan during the past couple of years which brought it into international limelight.
Now global investors are showing keen interest and looking towards Pakistan as a favourable investment destination.
Shaukat Aziz gave a brief overview of Pakistan's economy and stated that country's economy is growing at a rapid pace with a favourable micro economic environment.
He said that the gains that Pakistan has made were the result of wide ranging structural reforms launched in many sectors of the economy, consistency and continuity and transparency in policies which paid rich dividends.
The Prime Minister pointed out that Pakistan is actively pursuing its privatization programme. He further informed that 85 percent of banking is in the private sector in Pakistan.
Shaukat Aziz said we have made rapid progress but challenges are there and we have a roadmap to address these challenges.•
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Canadian politician lauds Pakistan's economy
Staff Report
LAHORE: Canadian businessmen are impressed with the economic turnaround made by Pakistan in recent years and are keen to make investment in the country which is a gateway to landlocked Central Asian states, said John Tory, Canadian opposition leader, here on Tuesday.
He was talking to Lahore Chamber of Commerce of and Industry (LCCI) President Mian Shafqat Ali. Vice President Aftab Ahmad Vohra, LCCI Executive Committee member Mian Mohammad Usman and former senior vice president Sohail Lashari besides a number of other top business leaders were also present at the meeting.
The hour-long meeting, which ended with a pledge from both the sides to take concrete and sector-specific measures for the promotion of bilateral trade, took up a number of other issues coming in the way of further strengthening the existing relations between the two countries.
Giving an update on the Canadian economy, Mr Tory said the transfer of technology could change the whole economic scenario in Pakistan. He stressed the need for exchange of trade delegations and joint exhibitions both in Canada and Pakistan.
The Canadian leader urged the LCCI office-bearers to arrange a delegation of top Pakistani businessmen to have first-hand knowledge about the Canadian business atmosphere, as the exchange of trade delegations and exhibitions were the most effective tool to increase the level of bilateral trade.
The Canadian opposition leader praised the economic policies of the government, saying the consistency in policies had now started yielding results.
LCCI President Mian Shafqat Ali said Canada was among the leading countries that helped Pakistan in its efforts to have sustainable economic growth. He said the Canadian International Development Agency was Pakistan's active partner in development. The Official Development Assistance from Canada was also supporting Pakistan to reduce poverty and to contribute to a more secure, equitable and prosperous world.
He said the major bottleneck in promotion of trade and economic relations between the two countries was the lack of information about business opportunities available in the two countries. He said there was a need to undertake frequent exchange of business delegations, organizing country exhibitions, participation in fairs & exhibitions, seminars and workshops, etc to ensure a continuous liaison.
LCCI Vice President Aftab Ahmad Vohra said the situation with regard to net inflow of foreign private investment in Pakistan by Canadian investors was dismal, as it had reduced from 6.2 million US dollars in 2001-2 to 2 million US dollars in 2004-5.
He said there was great scope for cooperation in various industrial sectors between the two countries. The possibility of undertaking joint ventures in areas such as pharmaceuticals, electrical appliances, food stuffs, leather, textiles engineering goods, agro-based industries, chemicals, fertilizers, mineral and mineral based industries, oil & gas exploration, telecommunications, seaport development, dams, power generation, areas related to education, health & environment was bright.
He said trade between the two countries left much to be desired. The analysis of trade figures between the two countries showed that Pakistan's exports to Canada decreased from 205.9 million US dollars in 2002-3 to 194 million US dollars in 2004-5. On the other hand, Canada's exports to Pakistan had increased from 121.5 million US dollars in 2002-3 to 196.6 million US dollars in 2004-5.
Canada could also consider transfer of technology in the fields of food processing and preservation, agriculture, livestock development, fisheries, forestry, environment, pharmaceutical and agro-industrial engineering, he said.
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