Stockbrokers watch the latest share prices during a trading session at the Karachi Stock Exchange (KSE) in Karachi on June 13, 2013. PHOTO: AFP/FILE
This is an excellent thing. But what delights us most is that the apparent trigger for this optimism is a stable, peaceful and democratic transfer of power.
Corporate Pakistan is betting on democracy and that is excellent for the country’s long-term stability, but perhaps the politicians should pay attention to some of the needs of the nation’s businesses. And on this front, they should copy their previously successful methods: just as the 2006 Charter of Democracy paved the way for political stability to begin taking shape in Pakistan, the country’s leaders would do well to come up with a similar Charter of the Economy.
This idea, of course, is not new. It was originally proposed by Shaukat Tarin, a former finance minister and currently an adviser to the government on economic affairs. And it is more doable than the Charter of Democracy ever was. While Pakistan’s political parties have significant differences on what they believe is the right balance of political power in the country, they disagree far less on economic matters.
The charter would not have to confine parties too narrowly to specific policy prescriptions, but certain generally agreed principles would go a long way towards giving businesses the kind of predictability they need to make long-term investments, which is the only sensible way to organically grow the economy. For the economy-focused Prime Minister Nawaz Sharif, this should not be a difficult task to undertake and we hope he does so.
Published in The Express Tribune, July 11th, 2013.
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COMMENTS (6)
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PEOPLE! Can we stop sniping at each other about whose idea it was first? The idea of an economic consensus is not an earth shattering/mould breaking theoretical breakthrough. It's common sense and its quite likely that quite a few people would have come up with the idea independently. Roza laga hai sab ko?
Still some steps should taken to resolve issues....unable to understand without Gas, electricity how are companies will perform . What is actual foreseen in the bullish trend of stock market?
The idea of an economic consensus was not even presented by Dr. Pervez Tahir, it was brought up by Ali Haroon a Karachi business man back in January 2007 Stop giving credit to others!!
One of the reasons global business likes Hong Kong so much is that it has a reputation as a place where the rule of law prevails. Recent decision on Riko mines and daily dose of violence suggest that to attract long term investment Pakistan needs to work on this aspect of society too.
The idea of an economic consensus was first mooted by Dr Pervez Tahir in article in a Dawn article on 5 November, 2008 and not by Shaukat Tarin. The idea was discussed again by him on November 30, 2008 in The News.
This is long-term investment that ensures sustainable recovery of the economy. Many Pakistani living aboard can bring their capital to invest in Pakistan if the present government provides a long-term investment climate.