Modernising cultivation methods a must: Tola

Stresses need to utilise potential across all sectors to overcome ongoing economic crisis

LAHORE:

Minister of State and Chairman of the Reforms and Resource Mobilisation Commission (RRMC), Ashfaq Yousuf Tola, stressed the need to utilise the country’s potential across all sectors to overcome the ongoing economic crisis.

Speaking at the CFO Conference 2023, organised by the Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) under the theme “Resilient CFO - Balancing the Agenda for Tomorrow”, Tola highlighted the importance of adopting the right tools, technology, and techniques to maximise this potential.

The event saw prominent figures from the financial sector discussing crucial issues and potential solutions for the country’s economic growth. Highlighting the example of wheat production, he said that Pakistan’s per-acre yield lags behind that of neighbouring India. By modernising cultivation methods, he suggested that doubling the wheat crop from 26 million to 52 million tonnes could lead to exports of 12 million tonnes, generating valuable foreign exchange.

President of ICAP, Ali Latif, lamented that while a lot has been said by different stakeholders about a Charter of Economy, no written form for the document is available. He called for the creation and signing of a Charter of Economy, emphasising the importance of consistency in economic policies to attract local and foreign investors. He revealed that ICAP and chambers are working to document a Charter of Economy for certain sectors, “But this Charter should be acceptable for all stakeholders, including political parties to ensure broad acceptance and confidence in policy continuity. This will help the country gain some investor confidence and assure them that consistency of policies will remain no matter which party is in power.”

The conference also addressed challenges faced by the financial world, including the impact of artificial intelligence and political instability. The discussions focused on building resilience and guiding CFOs on navigating such circumstances to maintain or accelerate organisational growth.

Other panellists highlighted the urgency of comprehensive political system reforms to revitalise the nation. They also addressed obstacles posed by volatile energy and oil prices, increasing competition from smaller economies, the disruptive nature of online banking, knowledge brain-drain, and the risks associated with technological advancements.

Published in The Express Tribune, May 19^th, 2023.

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