Diversity in exports to achieve higher growth in coming years: SBP Governor Baqir

KARACHI: Pakistan can achieve higher gross domestic growth in the coming fiscal years if it focuses on diversifying exports and increasing investments, central bank’s Governor Dr Reza Baqir said on Monday.

“Efforts need to be made to grow Pakistan’s GDP in the next 5 years and we have all the capabilities to achieve this target. We have been able to increase our gross and net reserves. We need to diversify our export base as other nations have done,” Baqir said at the virtual CFO Conference 2021, organised by ICAP.

He said that the challenges for the developing countries in the new normal were unprecedented, causing economic, social and sustainable development concerns. The pandemic has pressed the reboot button of economies globally with long lasting impacts including lower investment, erosion of human capital to lower productivity, limited income growth and structural transformation in countries across the world, he added.

ICAP President Iftikhar Taj said that ICAP was the premier body of Pakistan, recognised throughout the world. The CFO conference provides a platform to learn about the solutions for challenges faced by finance experts in the new normal.

The digital economy is rapidly developing worldwide and it is one of the most important drivers of innovation, competitiveness and growth. The advancement and adoption of digital technologies and business models would enable companies to achieve greater scale, penetrate new markets more swiftly, and understand their customers better.

International Federation of Accountants (IFAC) President Alan Johnson, while speaking on the Global Dimension – Anticipation and preparation for the Next uncertainty, said, “Finance leaders should plan for the world where both globalisation and anti-globalization pressures remain enduring features of the business environment.”

In this new decade, technological advancements have the capability to redefine economic activities and government services. The developments in technology have impacted employment, creating alternative job opportunities. Daily life and businesses are increasingly becoming digital and the pandemic has greatly accelerated this trend.

For more than 40 years, IFAC and ICAP’s working relation has been based on integrity and trust. He added that ICAP members have made commendable contribution in various IFAC boards and committees.