Framework for Economic Growth, Pakistan - Planning Commission

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International conference on “Framework for Economic Growth, Pakistan”reduce the interest rate in this country. Wehave very high interest rate regime becauseof which there is no motivation to take theextra risk in the investment in businesses.Legal infrastructure also needs to beimproved and policies have to be consistentacross the board. We need to come up withthe ways by which trade can be promotedwith the neighboring countries and to takebenefit of the competitive advantage. Weneed to improve the education level of thiscountry. All these factors need to worktogether to achieve high growth rate.We need to encourage the businesses and entrepreneurship in thiscountry for that we need vibrant financial markets which can providefinancial capital to the people who have talented ideas.Question: Talking about competitive advantage and trade with India our industrialists seem to bepetrified from Indians. Please give your comments.Answer: In terms of talent our businessmenare not less than Indian businessmen. Whatwe are getting is a market of billion peopleand what India is getting it is a market of170 million people. So we have a lot ofbenefit to get and we have to encouragepeople for competition. Being petrified andscared of the competition we would not beable to become efficient and effective inlonger term. Pakistan has a lot to benefitfrom the region within the neighboringcountries and there is no reason to bepetrified and scared of Indian businessgroups at all.Question: Initially you talked about entrepreneurship and developing entrepreneurship skills. Butan environment where people like Malik Riaz are very successful by just being in real estate whywould someone go and setup a business while it is more profitable to invest in property.Answer: We have been a trading nationprimarily. We have promoted financialcapital as I said earlier. So many people withbrilliant ideas are there but they are not ableto raise the national capital. For example toopen a small restaurant would require fiftythousand dollars. Where from the personwould get that money? So we are notproviding the infrastructure or theenvironment where businesses arepromoted. The purpose of capital market isto channelize savings of common man andwe have failed in doing that. Capitalizationis discouraged in this country because if youare a capital entity a regulator is watchingyou and regulating you. If you are not acapital entity your tax rate is low and thereis no regulation. We need to create anenvironment where competition andbusinesses are promoted and we as a nationneed to work very hard. Number of investorsin the market is low. Over the last few yearsSECP has taken few steps to encourageinvestors promote capital market. We havetaken the responsibility to educate theinvestors. We have separate teams for that inSECP and trying to regulate the stockmarket.Q: have you been able to implement the capital gain tax?Answer: Capital gain tax was imposed last submitting returns. It falls within the domainyear. It is the first year that they are of FBR and is implemented.Interview112
International conference on “Framework for Economic Growth, Pakistan”Maqsood Ahmad BasraChief Executive, Atlas Power LimitedQuestion: Please give your initial comments on NGS. What do you think that is it a new strategyor an old growth plan you have seen?Answer: Whatever we have gone throughsince this morning is definitely a better latestconcept. We have seen many plans in thepast and all ended due to implementationand governance problems. Communicationand understanding of this growth strategy isvery important.Question: Do you think that private sector is with us on NGS? Please comment on trade withIndia. Are you in favor of trade with India?Answer: If the role of the government islimited to provide facilities, infrastructureand give competition and openness thenbusinesses will grow rapidly.When you talk about trade you have to lookat the equation on both sides of the borders.We are facing shortage of electricity, wehave bomb blasts, severe law and order andsecurity problems, no foreign investment;while on the other side there is a totallyfavored market from the world. So we can’tsay that we can compete with an economywhich has all the support available from theworld whereas in our country we don’t havemoney to invest or even don’t haveelectricity. Most of our resources are beingused in meeting the expenses of thegovernment. We don’t have proper facilitieslike public transport, proper railway etc.***InterviewIqbal Anwar KidwaiGeneral Manager SMEDAQuestion: What is your general opinion about economic growth?Answer: We are getting very fresh ideas byattending this conference. We have alsogiven our comments on this document andwe own it. The dynamics of this growth likegovernance, openness of markets, cities andyouth need to be integrated. Action plans113
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