Pakistan should focus on urban economy: CM adviser

Says urban economy growing at rapid pace

LAHORE:

Pakistan needs to develop an urban economy because the country is witnessing fastest urbanisation in the world, said Adviser to Chief Minister of Punjab on Economic Affairs, Planning and Development Dr Salman Shah.

Addressing the business community at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday, he said that the urban economy of Pakistan was growing three times faster compared to the rural economy.

He highlighted that the government of Punjab had approved a policy for solarisation in the province and 10,000-15,000 megawatts of solar energy would be added to the system over the next two years.

“The country needs cheap energy to keep the wheels of the economy moving,” he said. “The energy being produced by the independent power producers (IPPs) is costly,” said Shah.

If the government installed solar system on canals, it would help conserve water besides providing cheap electricity.

According to him, Pakistan could become ‘mini China’ because it was rich in younger human resource. The young population is swelling and 3-4 million people are being added to the workforce every year.

He pointed out that employment generation for human resources is one of the biggest challenges.

The adviser lamented that debts amounted to one-third of Pakistan’s GDP which was a bigger challenge than ballooning current account deficit.

Published in The Express Tribune, December 29^th, 2021.

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