Commerce Minister Humayun Akhtar Khan and outgoing President of FPCCI Chaudhry Muhammad Saeed also spoke on the occasion.
The Prime Minister said we are living in a world of rapid change and we have to constantly reposition ourselves to keep pace with new trends and challenges, he said adding, three major changes have taken place in recent years. A new governance paradigm has emerged whereby the private sector is leading the process of economic growth and governments are assuming the role of policy-maker, facilitator, regulator and enabler.

Secondly, he added, global institutions are playing an increasingly important role and in some ways laying the rules of the game, particularly in the field of trade, finance and investment and perhaps most importantly, buoyant expansion of global trade and capital flows as well as freer exchange of ideas and technology across national borders provide vast opportunities for growth but at the same time pose serious challenges in terms of achieving better governance, higher efficiency and greater productivity and competitiveness.

This, Shaukat Aziz said, is the kind of global environment in which we have to position ourselves in our pursuit of economic growth and prosperity. “The sooner we adjust to the ground realities of the new global order, the brighter our prospects of success would be the way forward in this highly competitive and interdependent world is through improved governance and reform as well as through higher efficiency and productivity??? he observed.

He said Pakistan is a resourceful country and has immense potential for investment and growth. It is rich in human capital as well as physical resources.

We have a large and diligent work force as well as a natural resource base richer and more diversified than many developed countries. Modern institutional structures, coupled with advanced scientific and technical know-how, are also available to generate and sustain rapid economic development, he added.

Mobilizing these rich and diverse resources into positive and sustainable development outcomes is the main challenge confronting us, he said.

Prime Minister Shaukat Aziz told the exporters that they may be aware that in a recent research study of the growth potential of the world economy by Goldman Sachs, Pakistan has been rated as one of the eleven emerging economies with the highest growth trajectory in the long term.

"They call it the N-11. This study highlights the vast potential of Pakistan’s economy as well as our wide-ranging structural reforms as the basis of our future economic prospects", he remarked.

He said that the private sector has to play a lead role in harnessing the vast and diverse economic potential of the country.

He assured them that the government on its part will continue to take measures to provide an enabling environment for facilitating the private sector. “Seven years ago, when President Musharraf assumed responsibility of the government, Pakistan was in dire
straits, beset with festering problems of misgovernance, dysfunctional institutions and a sagging economy???, he said adding “We have since implemented an ambitious and all-encompassing reform agenda, covering all aspects of national life - political, administrative, social and economic.???

This, he said, has brought about as sea-change in the country and the process of national renewal is well under way. In the economic sphere, he said we have successfully implemented a stabilization programme and wide-ranging structural reforms, which have put the economy back on the track of sustainable growth and poverty alleviation.

He added that IFC and the World Bank in a recent report “Doing Business in 2006??? has declared Pakistan as the top reformer in the South Asian region and number 10 reformer globally.

"We are now one of the fastest growing economies in the region and hope to sustain a high growth rate of 6 to 8%.
Our poverty reduction strategy has brought down the number of people below the poverty line from 34.5% in 2001 to 23.9% in 2005. In other words, 13 million people have been lifted out of poverty in just four years".

The Prime said that government’s economic reforms are driven by the philosophy of deregulation, liberalization and privatization. "We rely on market forces and structures rather than control mechanisms and centralized planning as the main drivers of economic activity", he added.

The central thrust of our economic strategy, he said, is to create enabling environment for the private sector to become an engine of growth.

"Our strategy for improving the investment climate is multi-pronged - marked by financial sector, trade and taxation reforms, dismantling of archaic procedures, better above all, ensuring consistency and continuity of government policies", he remarked.

Shaukat Aziz said that our economic philosophy and reforms have yielded positive results and unleashed the growth potential of our economy.

We have outgrown our dependence on IMF programme and achieved an unprecedented measure of economic sovereignty. Our reforms have provided a transparent and predictable policy framework, freed trade and investment, provided a level playing field for all stakeholders, and aligned our economy to global norms and practices", he said.

"If we do not accept reform, we will be left behind. Those who embrace reform faster than we do will move ahead. It is, therefore, critically important that we world with open minds and adjust to the ground realities of the world around us. That is the only way to survive and grow in a fiercely competitive world", he added.

Source: Associated Press of Pakistan