LAHORE, Feb 08 (APP): Pakistan can fast attain a sustained, inclusive and resilient economic growth by paying more attention towards investment in human capital, policy continuation, improving public-private sector trust and public administration.
SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik stated this while sharing his viewpoint on the economy with a group of journalists here on Sunday.
He cited that successful economies of Japan, South Korea, China, India and Bangladesh are built on strong partnerships between the state and private enterprise, while in Bangladesh, civil society also has a constructive role.
Malik said, the countries which prospered in recent decades are not those with abundant minerals or vast territory but with early and consistent investment on people’s education, skills and the capacity to innovate.
“A properly skilled workforce plays a decisive role in attracting domestic and foreign investment and companies only commit capital if they’re confident it will be productively employed.” He said, universal access to basic education is essential to ensure economic growth translates into broad-based improvements in living standards rather than deepening inequality. Education-driven skill formation is a key determinant of comparative advantage and export competitiveness, particularly in manufacturing, he maintained.
In Pakistan, he said, districts with higher literacy rates have better economic and social outcomes. Yet, public spending on education and skills is inadequate, poorly targeted and weakly linked to labour market needs.
Iftikhar Ali Malik said, lack of policy continuity costs heavy on local and foreign investors, asserting that frequent changes in government, political instability and polarization often forced administrations into survival mode. Rationalizing mandates, eliminating overlaps, merging or closing redundant agencies and modernizing rules are essential steps towards a functional state apparatus suited to today’s challenges, he concluded.