‘Policymakers should revisit economic strategies’

Speaker says that balance of power is now shifting from the West to the East.

KARACHI:

With the changing balance of power from west to east, policymakers in Islamabad should revisit economic policies and give due importance to eastern neighbours, especially China, said Pakistan-China Institute Chairman Mushahid Hussain.

Speaking to the businesspersons and members of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday, Hussain said that Pakistan should prioritise its economic policies over all other policies and make a 10-year economic plan.

The event was organised at the FPCCI head quarters on the signing of Memorandum of Understanding (MoU) between Pak-China Business Council and Pakistan-China Institute to enhance economic and cultural ties between the two countries.

Hussain said that this is the era of private sector and the role of government in the world is diminishing with time. “Our government must take a back seat and provide level playing field to the private sector to grow,” he added.

Speaking on the Pak-US economic relations, he said the total economic and military aid that US has commitment to Pakistan is $12.5 billion, over the next five years. However, when Chinese Premier Wen Jiabao came to Pakistan last December, he committed $15 billion for the next few years for the power sector of Pakistan so that it can overcome its power crisis.

“The cut in US aid to Pakistan is a blessing in disguise for the nation. We need to plan now on how we can achieve economic independence because this would lead us to political independence,” he said.

Chinese Consul Yang Jibo said that China and Pakistan should increase their cooperation on economic fronts.

Published in The Express Tribune, December 16^th, 2011.