Shabbar says Pakistan should foster economic ties with US, EU

Better economic management, empowering local governments, debt restructuring, and strong economic relations with the United States and European Union are important to strengthen Pakistan's economy.

Former chairman of the Federal Board of Revenue (FBR) Shabbar Zaidi said this while addressing a seminar titled ‘State of Pakistan’s Economy: Present and Future’ on Saturday evening at the Institute of Business Management (IoBM). The event was jointly organised by the IoBM and Pakistan Council on Foreign Relations (PCFR).

Zaidi presented an overview of Pakistan's economy from 1947 to 2022 and discussed possible ways to strengthen the country’s economy. Economist Dr Kaiser Bengali suggested that Pakistan should pursue indigenous power production and ban all non-consumer imports. He was confident that effective policies could reduce poverty rate to a single digit in a decade.

Shahid Amin, the PCFR chairman, remarked that we must identify our shortcomings, clarify economic problems and address each one in a non-partisan manner. Veteran diplomats and former ambassadors were also present at the event along with the IoBM’s management, faculty and students. During his welcome address, IoBM President Talib Karim said Pakistan’s economic instability was a huge concern for the nation.