Pakistan sought to model after Singapore economy

SINGAPORE: With its vast oceanic resources, Pakistan has the potential to take an economic jump by following in the footsteps of Singapore that has successfully built itself into a global financial hub, making the most of Blue Economy, a lawmaker said.

Amjad Khan Niazi, member of the National Assembly from Mianwali, Chairman Standing Committee on Defence, said that

“Diplomatic officials should play a role in boosting ties with the island-city estate in different economic sectors including maritime trade,” said Amjad Khan Niazi, a member of the National Assembly, while talking to Pakistani High Commissioner Rukhsana Afzal in Singapore.

Niazi said with a population only 5.6 million, Singapore was about two and a half times smaller than Lahore; however its foreign exchange reserves stood around $273 billion, volume of trade about $700 billion, and the annual budget more than $80 billion.

“All these stats serve as an example and model for a developing country like Pakistan,” said the lawmaker, who is also the chairman of standing committee on defence.

Niazi said Prime Minister Imran Khan had a vision that the New Year be made a year of economic development for Pakistan so the whole nation must contribute to the this cause.

Talking about Abdul Lateef Siddiqui, a Pakistan-based global shipping business leader, Niazi said Siddiqui had presented Prime Minister with a great plan for the revival of shipping sector in Pakistan, which was duly appreciated by the premier. “I hope that Abdul Lateef Siddiqui will play his role in the shipping sector of Pakistan in near future,” the lawmaker said. High Commissioner Rukhsana Afzal said, “Singapore is one of the major economies of the world and has been a role model for us, that’s why after assuming charge of this office, she is doing everything possible to improve economic and trade ties between the two countries”. “In this regard we launched an aggressive drive for introducing our agricultural commodities especially fruits and rice with an emphasis on Pakistani brand, as there are reports that our goods are being sold in Singapore as “Made in India”.