Economics & Business South Asian Affairs

Asia to become economic powerhouse by next decade

Asia to become economic powerhouse by next decade
Islamabad: Pakistan Economy Watch has said that only regional cooperation can provide relief to 50 crore poor living in South Asia. Political differences, if set aside, will spur new era of growth and Pakistan will reap dividends as Asia will be world’s centre of economic activity by next decade.

Pakistan will be world’s leader in textile and banking

Pakistan needs to avail this chance and initiate preparation as we have missed many opportunities in past, Dr. Murtaza Mughal, President, Pakistan Economy Watch said. “No doubt that Pakistan will be world’s leader in textiles and banking,” he added. He said 500 million people are living below poverty line in South Asia and their plight will only end if region can grow at a rate of eight per cent which is only possible in presence of enhanced regional trade.

Regional coop can ensure prosperity, bail 50 crore people out of poverty
He said that regional trade is five per cent of the total SAARC trade activity while trade among Association of Southeast Asian Nations is 30 per cent. Intra-European Union commerce has been estimated at around 55 per cent. He said that a common strategy is needed for the purpose and India should rethink about her aims of regional dominance and expansionism. Otherwise, Dr. Murtaza Mughal said, everybody including New Delhi will be at the loosing end.

He said that New Delhi is mulling to ban FDI from Pakistan which will sent very negative signals. Pakistan and India have lead role in regional grouping and the two countries can promise a good future to masses if they show flexibility which will immediately result in augmented bilateral trade to the tune of 10 billion USD.

He said that the region need to focus on FDI, tourism, deficits and technical expertise in which it is behind other regions. “Political differences, corruption, lack of proper infrastructure etc are also stumbling blocks,” said Dr. Murtaza Mughal. He said agriculture insurance is a very positive step that can change the fate of Pakistan if executed properly. -Pak Economy Watch

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Rubab Saleem

Rubab Saleem is Editor of Pakistan Times

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  • Hi Rubab,

    I would like to know you that India is considering to remove ban on FDI from Pakistan.The Minister of State for Commerce, Mr Jairam Ramesh is planning to remove this ban.After removing Bangladesh from the negative list of FEMA (Foreign Exchange Management Act)..and accepting FDI from Bangladesh through normal FIPB (Foreign Investment Promotion Board) route,he told he will try similar confidence measure for Pakistan also.

    In a recent conversation with Union External Affairs Minister, Mr Pranab Mukherjee,Mr. Ramesh told he is aware of the security concerns if allowed FDI from Pakistan through normal FIPB, but this should be addressed soon.

    Till then hope for the best!!!

  • For past so many years we have been hearing about India Pakistan open trade and removing barriers.. well Pakistani investment in India can be beneficial for both countries if all barriers are removed..