‘Pakistan can gain a lot through regional trade’

KARACHI: Pakistan can gain a lot through maximising regional cross border investment, trade and transit as China-Pakistan Economic Corridor (CPEC), Chabahar Port (Garland Highway), TAPI and CASA 1000, and the Northern Route are emerging as new frontiers.

The Managing Partner of Geopolicity, USA, Dr Jeffrey A Stacey said at CFO Conference 2016 organised by Institute of Chartered Accountants of Pakistan (ICAP) on Tuesday.

He said the potential priorities for Pakistan in this scenario were making the most of CPEC, Gwadar development, becoming a link to Central Asia, implementing Afghan-Pak trade deal and building spur to Kandahar, energy (TAPI, CASA, Afghan hydro), and trading with India.

“The challenges and opportunities for Pakistan in geostrategic landscape include the United States domestic sideshow; Russia’s malign re-emergence; China’s newfound aggression; the European eclipse; Syria, Isis, and al-Qaeda; and instability in Central South Asia,” he added.

Nadeem Hussain, Former CEO, Tameer Microfinance Bank Limited, highlighted the importance of vision and dream to excel, adapt and innovate in a VUCA world. He said that professionals need to see opportunity in every environment, especially in countries like Pakistan which contain disruption more than any country in the world.

“Professionals should need to look back and figure out their passion, design their dreams and make efforts to convert their dreams into reality,” he said, adding that 80 to 85 percent start up businesses fail due to lack of homework.

The welcome address was delivered by the ICAP President Hafiz Mohammad Yousaf who shed light on the significant developments and changes at the global economic landscape over the last few years.

He emphasised upon the surrounding jurisdictions and regions across Pakistan, their changing roles and the profiles of finance professionals.

He said that volatility, uncertainty, complexity, and ambiguity (VUCA) each poses a unique challenge for any decision maker, it’s an environment that allows true leadership talents to emerge at all levels of the organisation.

Aftab Mehmood Butt, CEO, KAPCO, on the occasion said the finance professionals were now required to come up with new business proposals and strategies for business sustainability and growth, unlike traditionally where they commented on the historic data.

He said change was needed to better respond to the needs of the business, and the power to become a true business partner was in the hands of the CFOs.

Khalid Aziz Mirza, professor of practice at Lahore University of Management Sciences (LUMS), also spoke on the innovation in business strategy.