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ICCI for focusing on cities development to accelerate economic growth

ICCI for focusing on cities development to accelerate economic growth

ISLAMABAD: The PRIME Institute, an economic think tank, in collaboration with Islamabad Chamber of Commerce & Industry organized a multi-stakeholder consultative session at ICCI for preparing a draft Economic Vision State of Islamabad. Representatives of business community, multilaterals, academia, UN Habitat Pakistan and civil society attended the session.

Addressing the session, Ahmed Hassan Moughal, President, Islamabad Chamber of Commerce & Industry said that Islamabad has great potential for economic growth as it possessed many endowments including 22 universities/degree awarding institutes, young population, significant pool of IT professionals and government should cooperate in realizing its full potential for generating more business and economic activities in the region.

He said that half of world’s population was now living in cities generating more than 80 percent of global GDP while 600 major cities of the world were poised to account for about 60 percent of worldwide GDP by 2025. He said it was high time that government should pay more attention to the better development of major cities including Islamabad and focus on improving their infrastructure that would help in creating more jobs and generating lot of economic activities. He lauded the initiative of PRIME Institute for organizing multi-stakeholder consultations to develop a draft Economic Vision Statement of Islamabad and hoped that it would help in developing Islamabad on modern lines.

Zia Banday, Director-Center for Local Economic Development, PRIME Institute gave a detailed presentation on the economic potential of Islamabad. He said the economy of Islamabad was comprised of agriculture, industry and services sectors while services sector was providing 87 percent employment. He shared the draft economic vision statement of Islamabad with the audience and asked them to give their input for further improving it.

The participants were of the view that Islamabad was experiencing rapid and unplanned growth while water shortage, dilapidated water and sewerage infrastructure, lack of parking facility in markets, lack of good transport system, reducing green belts were emerging its major problems and stressed that the government should take urgent measures to address these issues.

Rafat Farid Senior Vice President and Iftikhar Anwar Sethi Vice President ICCI thanked the PRIME Institute and the participants for attending the session and hoped that the relevant authorities would take measures to resolve the highlighted issues for better economic growth of the federal capital.