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Economy as low priority

Economy as low priority

Economy always remained a low priority in the country thanks to politics of vested interests and inherent flaws in the administrative system. During the last 70 years, small and extremely backward nations like Singapore, Malaysia and South Korea entered the first world category and we as a nation proudly took a back seat in every economic order. It will be unfair to blame the political system for underdevelopment or hold the politicians responsible for the slow development alone.The public representatives also lacked knowledge and vision to steer the country out of crisis whereas a segment of bureaucracy also adopted a flawed foreign policy which could be another cause of troubles faced by the nation for decades. Some think-tanks hold the inconsistent policies or the unstable political system responsible for keeping the country in the third world. Since the new set up took over in Islamabad this month, a hope for the good governance again appeared in the heart of the nation. The business community is hopeful that the new prime minister and his cabinet will adopt a realistic approach toward economy and will take steps to develop agricultural and industrial sectors. According to experts, the country’s cottage industry can push the economy to the next level provided the government fully exploits its potentials.

Pakistan has strong agricultural and industrial base and untapped export potentials worth billions of dollars in the textile sector alone. If Bangladesh can push its exports to nearly $40 billion without being a cotton producing country, Pakistan can explore the demand for home textile products and double its export volume within a year. The African continent with tremendous business and trade opportunities has been ignored for years.

However, the new government will have to change the rules of business to promote industrial and manufacturing sectors. The first thing first is the capacity building of the government officials and inculcate a motivational approach in them. The promotion of business and trade activities should be regarded as a national obligation instead of an individual or personal affair. Unless a motivational and comprehensive strategy is adopted, the capacity of the work force as well as the business environment cannot be improved. In a country marred by corruption, energy crisis, mismanagement and many other evils, one can only hope that the new prime minister will at least set developmental priorities.