Investment: ‘Private sector must spearhead economic growth’

'The private sector should lead economic growth as the public sector has meager resources,' says minister.

LAHORE:

“The private sector should lead economic growth as the public sector has meager resources,” Minister for Planning and Development Ahsan Iqbal said on Tuesday.

He was addressing a meeting of information technology professionals and entrepreneurs from the United States at the Arfa Information Technology Park. He said the government was counting on the private sector to participate actively in the economy.

The minister said the new government said the grant of GSP Plus status to Pakistan by the European Union was a diplomatic success of the government.

The minister said, “The world has seen a democratic change in the country and is ready to help Pakistan achieve stability.”

Responding to a question, the minister said political instability and weak institutions had forced the investors to shy away from investment.

“Things are different today,” he added.

He said 2013 had been an important year for Pakistan which had witnessed smooth transition in five top offices; National Assembly speaker, the prime minister, the president, the chief of the army staff and the chief justice of Pakistan.

To another query, he said that US entrepreneurs of Pakistani origin wanted to play a role in the development of the country.

Iqbal said the government believed in transparency and merit. He said efforts were underway to achieve economic stability.

He said the IT industry had performed very well over the last three years, adding that the country had earned $2 billion and some 1,800 IT companies were working in the country.

Earlier, Iqbal introduced the visiting US-based IT professionals and entrepreneurs from Silicon Valley to media men including Idress Katahari of the OPEN, Mauzam Chaudhary from Orcale and Mubashir Hameed.  They expressed their commitment to contributing in the growth of the IT sector and economic progress in Pakistan.

Published in The Express Tribune, December 18^th, 2013.