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Lahore (Daily Pakistan Online) To achieve sustainable economic growth and reduce dependence on external debt, Pakistan must adopt a comprehensive strategy that promotes foreign direct investment, stimulates economic development, and modernizes key sectors. According to economist Ashiq Ali Rana, President of the International Lawyers Association, Pakistan can learn from successful countries and implement long-term development plans.
Rana, along with other experts, emphasized the need for comprehensive reforms to secure long-term economic growth and stability. They highlighted the importance of modernizing key sectors such as agriculture and manufacturing to increase productivity and exports. Improving farming practices, developing supply chains, and investing in value-added industries can reduce dependence on imports and strengthen the trade balance.
The government’s plan to increase IT exports to $4.2 billion by fiscal year 2025 is a step in the right direction. However, experts warn that immense obstacles lie ahead. They stress that a conducive environment for foreign direct investment must be created, and efforts should be made to acquire modern technology along with foreign investment.
Furthermore, experts emphasize the need to increase foreign direct investment and remittances. They suggest that a separate directorate may be necessary to achieve this goal. The rise in the stock exchange, while encouraging, is not a measure of improvement in the lives of the poor. Comprehensive reforms are necessary to address the root causes of poverty and inequality.
Ultimately, Pakistan’s economic growth and stability depend on its ability to adopt a multi-pronged strategy that promotes sustainable development, reduces dependence on external debt, and addresses the needs of its most vulnerable citizens.
