Pakistan upbeat on trade with India
"There was a time when I used to evaluate Pakistan and I thought the best way for it to really develop is to relocate. I used to think that the best place for us to take Pakistan would be somewhere between Italy and Switzerland," Hafeez Shaikh said in jest.
"Now I've changed my mind because the parts that I thought we should be located in (Europe) aren't doing that great in terms of growth and where we are is the most dynamic part of the world," he said.
"So I think we should stay there, we should work and be good neighbors with each other," Shaikh, who was visiting Washington for the annual World Bank/IMF spring meetings, said at the Brookings Institution think-tank.
The South Asian Association for Regional Cooperation, an eight-nation bloc, has repeatedly pledged to boost economic ties but such promises have made little headway amid the constant friction between India and Pakistan.
But Shaikh said that the new trade initiative enjoyed firm support of both business and political leaders.
"It reflects considerable thinking and it shows the economic merit that's there," he said.
"So I personally feel quite optimistic that this is an area where the payoffs are there."
Pakistan has faced persistent economic concerns amid a shaky supply of electricity, a weak revenue base, high external debt and security concerns that have scared off some foreign investors.
Shaikh, however, painted an upbeat picture and said that Pakistan's economy would grow this year at 4% - above IMF forecasts and well up from 2.4% last year - due to solid crop yields and a rebound in manufacturing.
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@abdussamad: Mr Abdussamad, We in India thought the same from1947 to 1976 and failed to enter open world competition. Result sub standard goods at high cost, smuggling and black marketting. Then we opened the door. when our Industrialists realized that for lively hood there is no other way they came out for competition and fought back. Look at the way our industrialists not only producing world class but beating western companies in their own countries. Japan did the same. come out friend and be a part of the world. You will succeed.
No way other than developing trade relation with India. You like or not, but the only route to survive is to do business your damned Eastern Neighbor. Look where is China, a so called evergreen friend of Pakistan and who call this country as their Israel. Now is the time for paradgim shift in Pakistan foreign policy.
India would love to do trade with Pakistan on a strictly "Cash-n-Carry" basis. Strictly no credit please !
Trade with India will result in the closure of a lot of Pakistani industries. It won't be good for the Pakistani economy.
Hafeez Shaikh statement is quite encouraging but more importantly is the response from Hafeez Sayeed and DPC.
You will trade if the TTP allows you to !
No trade with India....DCP Zindabad....
Economic diplomacy at its best! This is what India has been emphasizing on for decades now. Its good to see the pragmatic approach by the Pakistani govt. Politics will ruin future, economic welfare of the masses is the road ahead for a country like Pakistan which is going backwards instead of forwards at the moment.
Shaikh is full of hot air. How do such people become FM's ????