‘Strengthening democracy a must for economic growth’

It is imperative to strengthen democracy in Pakistan if we are to ensure sustained economic prosperity in the country. Progress and growth are only possible when institutions are functional, strong and able to work under an independent policy, and these requisites can be guaranteed in democratic regimes.

This was stated by Sindh Governor Mohammad Zubair in a meeting with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Zubair Tufail at the Governor House on Sunday.

“By providing an enabling environment, democratic regimes afford room for institutions to flourish and perform efficiently. The increased efficiency begets economic growth and more opportunities for investment and entrepreneurial activity,” said the governor. 

To this end, he added, the present federal government had been focused on providing all possible cooperation to enable every institution to discharge their responsibilities in line with a greater vision of sustained progress and development.

“The economic policies of the federal government have brought about increased opportunities of employment through acceleration of business and trade activities. These policies have also directly contributed to the important cause of poverty alleviation,” said Zubair. 

About the recently announced development package for Karachi, the governor said it would be used to improve and upgrade the city’s industrial areas.  “Karachi has once again become a centre of attraction for foreign investors. With the massive improvement in the law and order situation, prospective foreign investors are now more than ever willing to take advantage of this city’s immense business potential,” he said. 

He cited the China Pakistan Economic Corridor as another main reason for the increased interest from foreign investors. The governor said Sindh had become one of the prime beneficiaries of CPEC and asserted that infrastructure for industrial estates was being restored and developed at a fast pace to cater the growing needs of increased economic activity. 

Zubair lauded the FPCCI’s important role in attracting investment and establishing new industries, hailing it as an institution serving as the backbone for industrial and business activities in the country.

The governor assured the authority’s president that he would contact the prime minister and the federal ministries concerned to resolve the issues being faced by FPCCI.  Tufail also assured the governor that the FPCCI would provide utmost cooperation and assistance to boost economic prosperity in Pakistan. He also hailed the government’s decision to restore and improve the infrastructure of Karachi’s industrial zones.