Traders meet SAARC officials

ISLAMABAD: Political stability is imperative for ensuring economic progress in the country, an official said on Friday.

Talking to a delegation of city traders, SAARC Chamber Senior Vice President (SVP) Iftikhar Ali Malik said that if proper steps are not taken immediately to end political instability in Pakistan, major chunk of business would be badly affected.

In the last 13 years, Pakistan had experienced both war and political problems, he said and stressed the need for introducing economic reforms to addresses various issues being faced by the country.

Pakistan has all resources to become an economic giant, but it only needs to set directions with zeal, courage and sincerity, he said.

Pakistan’s huge mineral resources could help get rid of the economic ills, Malik added.

According to rough estimates, value of coal reserves in Pakistan is 187 times more than the GDP of Pakistan and only two percent of coal reserves can generate 20,000MW for almost 50 years.

In addition to copper and coal, the country has vast reserves of precious stones, gypsum, salt and marble, but instead of taking full advantage of these resources most of the share was being exported in raw form, he added.