He issued these instructions addressing a Business and Research Seminar on CPEC under the aegis of Directorate of Training and Research (Customs), FBR, here on Friday. Secretary Planning, Development & Reform, Shoaib Ahmad Siddiqui, was also present on the occasion while Project Director CPEC Hassan Daud Butt briefed the participants on the CPEC projects.
The minister noted that the Customs would have to play a crucial role in CPEC facilitating effective channels for engaging Pakistan in global supply chain and assist in developing Pakistan's market-oriented economy and industries.
"Pakistan needs to synergize with fast industrialization process and innovations in technologies to ensure rapid growth and inclusive development in the country," he said, adding that the CPEC had provided an opportunity to promote new markets and connectivity across the region and there was need for further cooperation.
Ahsan Iqbal said that historically, all countries progressed by virtue of partnerships. He said that Japan and South Korea had developed due to USA and India progressed due to alliance first with USSR and now with the USA. Days of non-alignment are over. He said that Pakistan is lucky to have a time-tested relationship with China.
"Our Vision 2025 and China's Annual Plan complement each other," the minister said, adding that CPEC has transformed this bilateral relation from strategic to economic nature. He said that currently, CPEC is the fastest developing corridor in entire Belt and Road Initiative and a number of its early harvest projects are attaining completion.
He said Pakistan has completed Sahiwal coal-fired critical technology plant in a record time, setting a precedent that together, Pakistan and China can do wonders. Ahsan Iqbal said today is the age of discovery, innovation and speed wherein old concepts and paradigms have become redundant. "In past, the big used to eat the small but now the fast eat the slow. Every nation-state has to adapt to new ways and technology," he said, adding that four "I"s are crucial for development of any country and they are investment, industries, information and individuals and they are now beyond control of nation-states.
He said that every country has to attract global investment to make itself attractive investment destination. He said that security, stability of policies and sustainable growth pave way for ensuring an attractive investment destination. He said that engaging country in global supply chain is crucial for industrial development. He said that today, manufacturing has taken shape of global supply chain as industries are going global. Toyota Japanese automobile industries are producing more vehicles in USA than in Japan.
"Information can't be confined to geography due to age of internet while individuals have to go with tide of time and make valuable contributions by spotting opportunities and hitting at right spots without waiting for any help, he said.
The minister said: "We are at the tip of the 4th industrial revolution; an age of big data, cloud computing and robotics where basic economics have to redefine their ways. We might be victims if we don't embrace change." He said that there can be three responses to such changes; embrace change proactively by developing capacity and becoming competitive, wake up when the change happens and make compromise with the change, or ignore the change and get wiped off the scene forever.
He said that in 2013, Pakistan was facing 18 to 20 hours of power outages and the country had a serious threat of civil war, whereas, industries were packing up and multi-nationals were leaving Pakistan. He said that the present government has developed Vision 2025 to build a long-term development plan which has put Pakistan back to center stage of economic growth. "We aim to enlist Pakistan in top 25 economies of the world," he said.
Ahsan Iqbal said that today, deficit is down to 5% of overall GDP and foreign reserves have risen to US $22 billion while Pakistan Stock Exchange index has gone to 50,000 points until recent political instability and negativity that has done huge harm to the development and progress. "We need to ensure stability, social solidarity, internal harmony and reforms to improve and align ourselves with international happening. Otherwise our ship will sink," he alerted.
He further said, "We have seize the moment when 85 million labour intensive jobs in China are to be relocated. Otherwise the opportunities will go to Laos, Cambodia and other parts of world." He said that our industrialization should be robust and competitive in order to completely capitalize on this geo-economic mega regional initiative. The minister informed that 4 auto mobile companies have evinced interest in investment in Pakistan, while there will be more interest in investment from around the world provided that internal harmony is developed and political stability is ensured.
"Prime Minister Nawaz Sharif and Premier Li Keqiang together began this initiative and we have to take it to heights of development," he remarked. Referring to an article, the minister said that CPEC is not stealth but a transparent and open project. "CPEC is Airbus A380 that is flying around the world, spreading positive vibes, bringing investment into Pakistan and restoring our energy," he said.
Copyright Business Recorder, 2017