‘Pakistan yet to benefit from globalisation’

LAHORE: There is a need to look at the existing economic policies to benefit from globalisation that actually is a pack of opportunities. Pakistan is a resource-rich country, but unfortunately previous governments did not tap this unmatched potential.

This was the upshot of the speeches delivered at a seminar on ‘Impacts of Globalisation on Public and Private Sectors of Pakistan’ at the Lahore Chamber of Commerce and Industry (LCCI) on Friday.

The speakers said that the world has become a global village, and created immense economic opportunities. Not only developed, but the developing countries have benefited as well, but Pakistan is still lagging behind and is in a dire need of measures to avail the benefits and to meet the challenges of the economical globalisation.

LCCI president Abdul Basit said that globalisation was gaining momentum with every passing day and would continue whether any country likes it or not. 

Therefore, instead of fearing it, we should enhance our competitiveness. He said that the manufacturing sector needed government support to overcome the issues of high input cost and lack of skilled human resources, etc, to a reasonable share in the highly advanced international trade.