A New Beginning for Pakistan This Is an Independent Publication by Upper Reach 02
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A stuNNiNG eCONOmiC re - see this report at worldfolio.co.uk sPeCiAL suPPLemeNt bY COVerY DistributeD with the times PAKI STAN A New BegiNwNeDNesiDAYN, APriL g30 2014 the 2013 landmark democratic and peaceful transition of power restores investor confidence and could position Pakistan as the ‘next big thing’ in Asia David Cameron welcomed Pakistani Prime Minister Mohammad Nawaz Sharif to London last October he parliamentary elections of may 2013 that is known, emphasises that “Pakistan is a strong government’s intention is to “closely coordinate boost exports significantly. Another priority is to resulted in an absolute majority for the PmL and resilient nation of 180 million people...en - with the opposition parties to tackle the enor - channel into productive investments at least 50 (N), the Pakistan muslim League (Nawaz), dowed with a wealth of human and material mous problems facing our country.” per cent of diaspora remittances from Pakistani tbrought mohammad Nawaz sharif to the pre - resources.” he also highlights his country’s geo - the government’s full awareness that eco - communities overseas, amounting currently to miership for a record third time. they also marked graphic location “at the cross-roads of west, south nomic and social development is critical to achiev - $15 billion annually. the very first time in Pakistan’s 66-year history that and Central Asia, placing Pakistan at the hub of ing lasting improvement in the security situation A third area of priority action is in solving the power had been transferred peacefully from one major energy and transportation corridors.” is evident from the statement by President mam - national energy crisis, which is a huge drag on the democratically elected government to another. mr sharif is clear that the strong mandate from noon hussain, affirming the government’s com - economy, shaving up to 4 per cent off GDP, ac - this landmark in the consolidation of democracy the people, including approval of his party’s poli - mitment to the social and economic betterment cording to the Planning Commission. Pakistan in Pakistan was accompanied by top-level tran - cy of zero tolerance for corruption, empowers and of Federally Administered tribal Areas (FAtA), as has enormous natural energy resources, princi - sitions in key democratic, judicial and military in - obliges his government to act swiftly and boldly to it is conscious of the issues facing tribal people. pally in its coal reserves and its hydroelectricity stitutions. it also demonstrated to the world the achieve its goals, underlining that “economic pros - the President went on to mention specifically potential. the Prime minister states the govern - country’s political maturity and the national resolve perity for the people of Pakistan remains the prin - an investment programme to ensure the supply of ment’s two-pronged approach: firstly to optimise to peacefully tackle the challenges it faces. cipal priority of my government [with] a policy natural gas to these areas, as well as the estab - power distribution and encourage energy con - the Prime minister set out his vision for this framework based on promoting sound macro - lishment of a network of schools there through the servation, and then secondly to “diversify the en - new era for his country, saying: “Our vision is a economic policies to accelerate economic growth, Overseas Pakistanis Foundation. the Prime min - ergy mix by shifting to hydro and coal-based pow - new Pakistan – a Pakistan which is at peace with - alleviate poverty and create new jobs.” ister emphasised that the government would seek er generation.” mr sharif adds that projects en - in and peace outside, especially with its neigh - while his party achieved an absolute majority a path of dialogue in order to bring the FAtA into visaged range “from large projects of over bours...a Pakistan which is modern, progressive in the may 2013 elections, the Prime minister has the country’s political mainstream. 5,000mw to small and medium-sized projects” and forward-looking.” been careful to formulate an inclusive agenda for the government has already started to create and that “the opportunities for investment are mr sharif also outlined his belief that econom - his government, one of encouraging and putting the conditions for delivering on its ambitious pro - wide-ranging.” ic development will be key to achieving this vision in place a business environment that attracts in - gramme for national economic and social re - the new government, democratically legiti - in “a Pakistan which is business-friendly, a Pak - vestment from within the country and from over - generation. with GDP growth having increased last mate and with its strong mandate, is determined istan where foreign investors would feel safe and seas. it also aims to develop national resources year from 2.9 per cent to 5.1 per cent, the Prime and acting decisively to deliver, to create, as the secure”. the Prime minister is realistic but also in order to regenerate Pakistan’s economy, al - minister states that they are now aiming to achieve Prime minister says, “a country marching in tan - determined about the task ahead, adding: “we ways with the objective of subsequently bringing an annual rate of 7 per cent within the next four dem with the world on the road to progress and are facing many challenges, but, God willing, we about nationwide economic and social develop - years. One key target already in place is Pak - prosperity.” this country of crossroads has now will overcome them.” ment. the Planning minister and a key figure in istan’s GsP+ (Generalised system of Preferences made its clear choice: the road of democracy the ‘Lion of Punjab’ as the 64 year-old mr sharif the PmL (N), Ahsan iqbal emphasises that the Plus) status with the european union, which will and progress. A New beGiNNiNG FOr PAKistAN this is an independent publication by upper reach 02 For the last several decades, there is more to back up these initiatives than just optimism, mr Aziz insists. “think of Pakistan as a Pakistan has been used as a gateway with three portals leading to central, west - ern and southern Asia. Central Asia and west Asia pawn in the game of global have an energy surplus, and south Asia is energy de - powers owing to its geo - ficient, so if Afghanistan becomes peaceful again, FOreiGN gas and electricity can flow from there. All those re - graphical situation. Now, the gions need imports, and south Asia has a surplus in engineering technology that could be put to good use democracy is finding its feet, in either of the other two.” eager to show the world its mr Aziz recalls that within a week of taking the reLAtiONs reins of government, Prime minister sharif had a let - potential as a political and ter circulating among senior civil servants and diplo - trade equal FrOm FrieNDshiPs matic personnel in which he said “our focus from now on is economic diplomacy, which means the promotion of trade and investment. “this has led us to introduce a number of mech - tO PArtNershiPs anisms where we receive reports from the commerce eset’ is the buzzword often whispered in the sponses to the united states and the complications ministry, the finance ministry and the investment corridors of international diplomacy when re - of Afghanistan. enhancing solidarity with the world promotion and export promotion bureaus to coor - lations between countries have nowhere to islamic community is one priority, as is growing its dinate efforts at the country level. right now with ‘gor but up. Yet even when there is a mutual willing - relationship with the european union, which recent - the recession, demand for exports is not high, so ness to take that route, timing is of the essence, know - ly admitted Pakistan to its GsP Plus system of pref - we are focusing on Asia, the Far east and of course ing exactly the right moment to hit the button. For se - erential import tariffs. China. we are also encouraging middle eastern in - nior Pakistan government officials like sartaj Aziz, As mr Aziz sees it, “Our foreign policy is based on vestors to come.” the time may be approaching for constructive re-en - four priorities: First, build a peaceful and prosperous gagement with the united states, india and whoev - neighbourhood. secondly, reach out to regional and The UK connection er ends up in control of Afghanistan, because the will international partners. thirdly, focus on ‘trade, not second only to China as Pakistan’s heavyweight trad - to make it happen definitely exists. aid’. And lastly, develop a consensus-based approach ing partner is the eu, and a large percentage of that “Pakistan has been paying an unfairly high price to counter terrorism.” commerce is through britain, which shares a colo - for being the place where too many global fault lines regarding the first of those policy points, mr sharif nial past and numerous institutional similarities with converge,” argues mr Aziz, Adviser on Foreign and Na - has made it clear that he wants to see major im - Pakistan. Last year, David Cameron hosted a series tional security Affairs to Prime minister Nawaz sharif. provements in Pakistan’s historically fraught rela - of off-the-record encounters in London between mr “before 9/11, we did not have bombs or suicide at - tions with india, putting an end to decades of mutu - sharif and Afghan President hamid Karzai in Octo - tacks. but when the Americans invaded Afghanistan, al coolness, outright hostility and four wars. During ber centred on prospects for getting the Afghani tal - they pushed all the people they had trained, armed Sartaj Aziz, Adviser on Foreign and National an encounter last september with his indian coun - iban to take part in peace talks.