Chairman Senate, Syed Yousaf Raza Gilani on Wednesday reiterated the Parliament’s commitment to supporting the country’s socio-economic revival. He highlighted that political stability remains instrumental for economic stability in Pakistan.
He remarked this during his address at Rawalpindi Chamber of Commerce and Industry (RCCI) after meeting the business community.
“Inspired by the spirit of our Charter of Democracy which helped restore democracy, I propose a Charter of Economy”, he said and added that the charter would be a collective, bipartisan effort to stabilize and grow Pakistan’s economy, ensuring policy continuity that fosters confidence for long-term investment.
Appreciating the pivotal role of the business community in driving Pakistan’s economic growth and resilience, the Chairman Senate said that industrious efforts and unwavering commitment of our entrepreneurs and industrialists have been instrumental in propelling Pakistan’s economic momentum, even in challenging times.
“Their resilience, adaptability, and visionary leadership in confronting both local and global challenges, job creation, innovation, and wealth generation are commendable”, he said. He further noted that the entrepreneurs have nurtured growth across diverse industries, contributing significantly to a more robust and diversified economy.
Gilani also urged for collaboration between the public and private sectors.
“A conducive business environment, supportive policies and a shared vision, can help generate robust economic activity”, he said adding together we can pave the way for sustainable economic growth that uplifts all segments of society.
Highlighting the key economic challenges facing the national economy, Gilani said “Pakistan faces significant economic hurdles: inflation impacts livelihoods, high debt limits growth investment, and elevated energy costs restrict industrial expansion”. He called for both resolve and reform to ensure stability, competitiveness, and inclusivity in our economy to counter the prevailing challenges.
Gilani stressed for ensuring ‘Ease of Doing Business’ by streamlining regulations to attract domestic and foreign investment.
“At the same time, we need to focus on lowering energy cost and financing expenses to improve productivity and competitiveness”, he said.
He further pointed out that reducing imports and promoting export on a war footing is essential for economic revival. The way forward lies in identifying high-potential industries and expanding access to international markets, he added.
The Chairman Senate said that in order to remain competitive with the rest of the world, embracing technology was the need of the hour to drive innovation and job creation. There is also a dire need to strengthen and expand the scope of Social Safety Nets like Benazir Income Support Programme to protect vulnerable populations as we progress.He strongly recommended the continuity of stable policies to inspire confidence and trust of investors and attract lasting investment.
He urged all stakeholders-nationally and internationally-to join hands with Pakistan in transforming Pakistan’s economy into a resilient and thriving one.
“Together, we can create a prosperous Pakistan, where opportunity and progress are within reach for all. Let us reaffirm our commitment to fostering an ecosystem where innovation thrives, partnerships flourish, and economic opportunities abound for every Pakistani”, he concluded.
The event was attended by a large number of reps from the business community, led by President RCCI Usman Shaukat and Group Leader Sohail Altaf. Representatives of RCCI’s body, former presidents, VPs and executive body also attended the event.
Margalla Dialogue 2024
Chairman Senate and former Prime Minister, Syed Yousaf Raza Gilani on Wednesday called for creating more social cohesiveness to boost investors’ confidence and strengthening democratic credentials.
Addressing the inaugural session of Margalla Dialogue 2024, of Islamabad Policy Research Institute (IPRI) here, he underscored the need to re-equip youth with education to make them a capable workforce in a changing and competitive world order, said a press release.
He said that new realities are shaping the world at large, and we are living in an era of alliances, including those that are breeding conflict and militarization such as AUKUS and QUAD in the region and beyond.
The Chairman Senate said that Pakistan looks forward to more democratisation, and an inclusive order where in economic resilience and security decorum come to adjust transitional changes.
He referred to the Founder of the Nation, Muhammad Ali Jinnah and said that “Pakistan is the pivot of the world,” and even our existence at such an important geographic crossroads had proved vitality for our neighbours.
He talked about global tensions echoing in the region, and touch-based on internal security and challenges that Pakistan faces in the form of terrorism.
Gilani said that Pakistan’s vision is based on strength and strategic location, along with resilient people and good governance.
Earlier, President IPRI Amb. Dr Raza Muhammad introduced the audience about the journey that his think tank has undertaken and the meticulous process of holding one of Pakistan’s finest dialogue, Margalla Dialogue.
He said that Indian arrogance of not talking to Pakistan is at the root cause of problems, and said that we are living in an era where trade with Russia looms large despite sanctions on several member states of the region. He talked about the emerging realities of China Pakistan Economic Corridor (CPEC) and Belt and Road Initiative (BRI).
Dr Raza said that great powers competition is also transforming into conflicts, and the new challenges are drugs and terrorism. He said that Meta, Google and Artificial Intelligence is on the minds of all and sundry, and this phenomenon has transformed the world.
The first distinguished panel discussion titled, “Great Power Competition and its Impact on Peace and Security in Global South,” moderated by former ambassador to the US, Aizaz Ahmad Chaudhry, Chairman Sanober Institute, Pakistan.
The keynote address was delivered by Senator Mushahid Hussain Syed, Chairman Pakistan-China Institute and former federal minister. Prof. Vali Reza Nasr, Majid Khadduri Professor of International Affairs and Middle East Studies, Johns Hopkins University, USA; Prof. Dr. Igor Panarin Nikolaevich, Member of the Academy of Military Sciences, Russian Federation; and Prof. Dr. Victor Zhikai GAO, Vice President Centre for China and Globalisation, People’s Republic of China were other elite speakers.
Mushahid Hussain Syed referred to his concept of Three Ds, democratising international relations through equality and the rule of law; demilitarising global interactions to avoid Cold War tensions; and depolarising the financial system to reduce the political power of the US dollar. He believed that there are concerns that the world is slipping into renewed confrontation.
Mushahid said that we are living in a world of turbulence and transformation, and quoted a scholar to recall that 300 years of Western hegemony is coming to an end.
Dr Vali Nasr talked about the psychology of sanctions, and referred at length to the trial and tribulations of Obama and Biden administrations in dealing with China. The two-day international conference themed, “Emerging Global Realities: Challenges and Response,” will continue deliberations on International Law and Economics on Thursday.
