Framework for Economic Growth, Pakistan - Planning Commission

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International conference on “Framework for Economic Growth, Pakistan”QUESTIONS:Questions and AnswersQuestion: The gap between the actual and potential productivity in our country can be seen as agreat opportunity. Power structure in this country is restricting competition as a small coalitionof elites can generate risk. With this power structure the development of a new institutionalframework is very problematic. What is the nature of power structure that has preventedfundamental institutional changes which was required for sustainable economic growth andefficient markets to operate? What specific strategy you suggest to address this issue?Question: SECP is one of the important organizations in Pakistan to regulate the markets. Whatchallenges SCEP see in the implementation of the Framework for Economic Growth andregulating the markets?Question: Laws governing economic sector are ambiguous. There are many agriculture relateddisputes unsettled for the last many years. Resources are not being utilized due to poor lawsgoverning various sectors of the economy. Please comment on above referred issues.Question: We can see cities burning in Pakistan and shipments stuck in cities and at ports. Thereis severe shortage of electricity, gas, furnace oil etc. Offices and factories are being forced toshut down in cities due to strikes. How can we compete with other countries globally with cost ofdoing business going high and investment not coming in Pakistan?Question: As we heard the panelists that there is a gap between the potential productivity andactual productivity in Pakistan, how FEG can help in filling this gap and avail this opportunity?ANSWERS:Answer by Dr. Nadeem Ul Haque, Deputy Chairman Planning Commission:There are many issues to answer like whystock markets not working properly? Whystock markets not encouragingentrepreneurship in the country? Whycompetition not unleashing the competition?We need regional trade to promote. Ourindustrial competition practices need to belooked at. We are offering answers to all theissues through our new growth strategy forthe markets to be competitive andproductivity to increase to createopportunities.Answer by Professor Philip Auerswald, George Mason University:There should be a coalition of industrialgiants who can come forward and work forPakistan. They need to work with PlanningCommission, SECP, and CompetitionCommission etc. and take Pakistan where itshould be. It is their country and country oftheir children. Now is the time to make acoalition and come forward to developPakistan.Government needs to give a competitiveenvironment to create a space for the future.There is need to promote entrepreneurship.Investors are even working in countries like34
International conference on “Framework for Economic Growth, Pakistan”Afghanistan. The local entrepreneursunderstand the local markets better thenforeign investors and they need to comeahead. There is need to develop a healthyenvironment for the business.Answer by Rahat Kunain, Chairperson Competition Commission of Pakistan:Mandi system should also be taken intoaccount to make the markets competitive.Informal sector should also be developedand regulated. It requires a lot of researchand documentation for these markets tobring in formal network and regulate them.There is a need to meet compliance tominimum standards for increasingcompetitiveness. We also need to be veryclear about openness, free trade andliberalization policies. There is need for ourdomestic markets to be competitive,compete globally, and protection of thedomestic markets should not be the policy.Answer by Muhammad Ali, Chairman SECP:Companies go to stock markets to raisecapital. The moment a company startsbusiness as a private or public limitedcompany the regulation starts. Along withpromoting equity market SECP is alsoworking for the development of debt andcommodity markets in the country. We arean agriculture based economy and we needto develop mandi system in this country. Weneed pricing of the agricultural marketswhich mandis can develop.***35
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