The vision was implemented into reality by Qauid-e-Azam Mohammad Ali Jinnah, the greatest tactician, fighter for democracy and human rights that the world has seen. As the saying goes, nations comprise people, and people make a country. Like a citizen at 60, it’s time to take stock of our national achievements and the travails we have been through. Except for a few setbacks, a few pitfalls, we have done well in all spheres, political, economic, social, cultural, international affairs, and as fighter for human rights and Islamic unity, all over the world. Among the several economic achievements, Pakistan announced this year, a number of new multibillion dollar mega projects to mark the sixtieth year of its independence. These range from water to power, highways, transport, ports, and airports which will be a boon for construction industry, and boost import of heavy machinery, and materials. We are offering a big business potential to our foreign friends and domestic entrepreneurs, for several years to come. Among these, three water and power projects due for immediate start up, alone, will cost $17 billion.
They include: Diamer- Bhasha, Kalabagh and Akhori dams, which together will generate 8,700 megawtts of electricity. Two more dams will be built at Munda and Kurram Tangi. Pakistan will spend Rs48 billion from its own resources on water sector projects, while the amount will rise to Rs60 billion next year. It will also complete its 10 more under construction hydro projects by 2009 which will generate 11,000 mw of electricity. Prime Minister Shukat Aziz is upbeat over the future growth of business and economy, in line with achievement of a 7.0 per cent GDP growth over the last four years. “In the last five years, size of the economy has doubled. We have one of the highest per capita incomes in South Asia — which was $847 in 2006. It rose to $950 this year and will surpass $1,000 in 2008, and to $1,253 in 2011.” The rate of investment rose in 2006 was 20 per cent — the highest in 12 years. FDI was $3.9 billion in 2006. In the first nine months of 2007, it was $5.6 billion.

Goldman Sachs, in its latest analysis, has included Pakistan in “The Next-11” — a group of eleven countries with a high growth potential. Its economic, governance, and financial and banking reforms to promote business have led World Bank and International Finance Corporation (IFC) to rank Pakistan as one of the top 10 reformers globally and “the top reformer in the South Asian region.” The key objective of these reforms is to enhance productivity and competitiveness. Pakistan is committed to a market–based economy, and further strengthening of policies and regulatory mechanisms aligned to global norms, and to build better governance through institutional strengthening of the public sector. Unemployment is down from 8.3 per cent in 2002 to 6.2 per cent in 2006, as five million new jobs were created during 2003-06. A decline in poverty, increasing employment and rising per capita income is enlarging the middle class, and expanding demand for a wide variety of consumer products, ranging from household electronics to autos, and foreign travel to imported consumer items. Pakistan is already the fastest growing cellular phone market after China —with tele-density rising from 3.0 per cent to 35 per cent just over four years. One million cellular phones are imported into Pakistan every month. Motorbikes in rural areas and autos in urban centers are registering record level of sales, besides strong off-take of consumer electronics like refrigerators, air conditioners and kitchen equipment. Pakistan has launched an extensive programme to provide and upgrade technical and vocational training to man domestic industry and meet foreign demand, especially from the Gulf, Middle and Far East. Out of its 161 million population, over half of the people are below the age of 19, and nearly 100 million are below 25. It is positioned to get the demographic dividend as this young generation enters the work force, for the next several decades. Several other mega projects, being implemented, or in the pipeline, include cross-country highways, ports, airports, road transport, railways, telecom and other infrastructure. Their completion will help build a National Trade Corridor (NTC) that will serve as a bridgehead for multiple corridors of regional cooperation, involving energy, trade, and transportation to Gulf, Middle East, South Asia, Central Asia, and China as it is located on the crossroads of these regions. Such projects will make Pakistan an attractive country to step up business by foreign and domestic companies, investors, and providers of a wide range of machinery, equipment and services.

Overseas Pakistanis
Islamabad, this year, honoured overseas Pakistanis, by inviting top investors from among them to Islamabad, at Overseas Pakistanis Investment Conference (OPIC). They were informed about the vast investment opportunities, they can benefit from. President Pervez Musharraf and Prime Minister Aziz urged them to make $6 billion investment in Pakistan. The appeal was particularly directed to the Overseas Pakistani diaspora, especially from United Arab Emirates, Saudi Arabia, United Kingdom, US and Europe. They expect the amount is within the potential and capacity of 7.5 million overseas Pakistanis, doing business and working all over the Gulf, UK and North America. Their overall potential to invest back home, according to government estimates, is as high as $27 billion. OPIC was organised by the Ministry of Labour, Manpower and Overseas Pakistanis, headed by Minister Ghulam Sarwar Khan, in cooperation with several other ministries and the Board of Investment. OPIC had detailed discussions on prospects and profitability in nine areas, besides other opportunities. They discussed establishment of effective policies for small and medium investors, financing for small & medium industries (SMEs), promotion of import and export-oriented industries, opportunities in agri-business, growth of IT, telecom, establishment of modern health facilities and medical tourism, modern education and skill development, and boosting capital markets and mutual funds.

President Musharraf urged overseas Pakistanis to invest more in their motherland in “highly profitable businesses which will ensure a bright future for themselves and their families.” He assured them “all possible facilities will be extended to establish industries, power plants and housing projects, among other fields.” Overseas Pakistanis, working in the Gulf, US, UK and Europe sent a total of $ 5.6 billion home remittances in fiscal 2007. Out of this, in the first 11 months, home remittances from UAE were $771.10 million and from other GCC countries $ 689.17 million — the two making a total of $1,460.27 million. Mansoor Al-Saed, Chairman Kuwait-Gulf Link (KGL), visiting Pakistan on an investment mission, said, “my company has been encouraged by Pakistan’s investment–friendly policies and environment. We are planning to enter into joint ventures with public and private sector companies in Pakistan.” He said KGL Transport company, a subsidiary of the KGL Holdings, is planning to launch “the largest, automated and professional fleet of containers and cargo moving trailers in Pakistan.” Setbacks The count ry made s eve r a l achievements, but there were some setbacks too. Some of the production and services sectors performed lower than the government expectations. These ranged from industrial output to foreign trade. But, there were bright spots like the farm sector, and private investment that performed better than expected. National Economic council (NEC), the nation’s highest economic policy making body, had good news, too. GDP, it says, was up 7.02 per cent. Its total size rose to $146.3 billion.

The per capita income rose to $925 — up from $833 in FY06. The farm sector performed better, with wheat and sugarcane production up. But, raw cotton was down at 13 million bales, compared to a 13.8 million bales target. Exports slowed down, totaling $17.01 billion a bit short of the target in 2007. But, the target for fiscal 2008 is $19.2 billion. Imports rose to $ 30.5 billion —compared to the estimated $27.40 billion. The trade deficit widened to $13.49 billion. FDI inflows and growing home remittances sent by overseas Pakistan working in the Gulf, Saudi Arabia, US and UK rose, to $5.6 billion, up from $4.6 billion in 2006. Larger FDI inflows and home remittances helped narrow the widening current account deficit and feed imports. Pakistan’s total liquid forex reserves now stand at over $15 billion. Higher targets have been set for FY08 that started July 1. The new growth targets are: GDP 7.2 per cent, agriculture 4.8 per cent, industry 9.0, large scale manufacturing (LSM) 12.5 per cent, and services 7.1 per cent. The new cotton target is 14.14 million bales, wheat 24 million tonnes, sugarcane 55.90 million tonnes, and rice 5.7 million tonnes. Exports $18.9 billion, and imports $29.5 billion. Now the economy is improving further, and political and democratic institutions are being strengthened still more, Pakistan, with the cooperation of its friends abroad, moves on the prosperity track as the nation today celebrates 60th year of its independence.