While Pakistan suffers from an economic crisis, Bangladesh, the state once considered a ‘burden’ to West Pakistan, has managed to become the only country in the Subcontinent with a balanced budget. It would do the leadership of Pakistan to learn from countries like Bangladesh. From the 60s onwards, instead of focusing on achieving self-sufficiency by acquiring and investing in technology, Pakistani leadership chose to import finished products, both for civil and defence purposes.
Instead of making vehicles, electronic equipment and other luxury items, Pakistan only has assembly plants. While countries like Singapore imposed heavy taxes on real-estate to encourage investment in industry and other employment-generating sectors, Pakistani investors and governments chose to invest in land development schemes, converting agriculture belts into concrete jungles for commercial profiteering. Today, this ‘agricultural economy’ is forced to import the basic food items that it once exported. Our imports exceed our exports, resulting in an ever-widening trade deficit. While other countries too have issues with corruption and political bickering, many, like Bangladesh, have refused to experiment with technocrats, discouraged religious extremism, and have, instead, utilised their skilled and semi-skilled labour forces. Bangladesh, for instance, is the second largest exporter of value-added garments today.
Malik Tariq Ali
Lahore