Pakistan has great potential to earn better returns on investments as compared to other countries, said renowned economist David Darst while delivering a lecture on "The Global Economic Development" organised by Aga Khan University (AKU) at AKU auditorium, here on Tuesday. "Pakistan is the land of opportunities where businesses can flourish much faster with high profitability rate due to its potential markets," David said, adding that biggest obstacle in its economic development was negative image across the world due to terrorism-related incidents in the country.

He said that incidents such as Peshawar massacre discouraged foreign investors to invest in the country. "Over 70 million overseas Pakistan should play ambassadorial role for their country to restore its positive and soft image," he added. Once, he said, Pakistan got its perception on positive trends the country would have rapid boom in investment due to strong fundamentals. "Youngsters are the agent of change for Pakistan what they need is their channelisation," he said.

Discussing the international oil prices, he said, the prices would fall further as Saudi Arabia is the key player in oil market and it is showing reluctance to curtail oil production. "It is thought that after death of King Abdullah, Saudi Arabia would slash oil production but their policy remained unchanged," he said. He said that China would remain major player in global economic environment.

Darst said that Apple, Face Book and Google would be global fighter in the year 2015 and they would have greater impact on global economy. He said turmoil hit countries like Yemen, Ukrine, Syria and others would shape the economic indicators in the year 2015. He said that global economic environment was not very conducive as big economic countries are taking short term measures.

Copyright Business Recorder, 2015