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By Ambassador® Syed Hasan Javed CPEC is human and citizen centric initiative to uplift the welfare of Pakistanis devoid of market connectivity, creating around seventy thousand plus job opportunities. It would provide a sustainable livelihood to almost half of Pakistan’s youth entering the job market in the next ten years. Generally, China Pakistan Economic Corridor CPEC worth US$ 62 billion, one of the six corridors of the Belt and Road Initiative and its flagship project and the only bilateral undertaking, is considered as comprising only connectivity, infrastructure and energy projects.  Though this is partly true, the CPEC’s actual role, content and context are still evolving and rightly so, equally underestimated by Pa...

January 20, 2022 at 12:09 pm | Economic Affairs

By Mariam Raheem China and Pakistan have decades old brotherly relationship, and with the promotion of Belt and Road Initiative, the cooperation between both nations will bear more fruitful results. China and Pakistan are all-weather strategic partners, and the friendship between the two brotherly countries has a long and cherished history. China and Pakistan have decades old brotherly relationship, and with the promotion of Belt and Road Initiative, the cooperation between both nations will bear more fruitful results. This is what Wu Weidong, Deputy Mayor of Xuzhou Municipal People’s Government, highlighted in a conference titled “Looking Back and Going Forward” to mark the 70th anniversary of the establishment of diplomati...

January 17, 2022 at 9:49 am | Economic Affairs

Being a member country of SAARC and ECO, Pakistan needs to effectively promote its trade on the pattern of gravity model by utilising these regional arrangements. The Pakistan’s new initiative and narrative of geo-economics is facing the most crucial question and daunting task how to tackle geo-politics in best possible way while keeping in view its geographical location. The Eastern neighbour has a very bad record of human rights violations denying right to self-determination to the people of Kashmir, also holding back plebiscite in Kashmir forcefully held and occupied by them for a long time now. The new Afghan government is yet to be recognised by the international community. The Iran is under sanctions facing a plethora of issu...

January 17, 2022 at 9:42 am | Economic Affairs

The Economic Affairs had a candid discussion with Mr. Najeeb Agrawalla, Chief Executive Officer, 1Link. Here are the excerpts of the interview; The Economic Affairs: How did you come to this field and what was the motivational factor? Mr. Najeeb Agrawalla: I am actually a banker by profession but I would like to call myself a marketer because I graduated from the IBA in business administration majoring both in Finance and Marketing class of 89’. In those days it was very easy and if you don’t know which field to choose between the two, you would do masters in both. I started with Unilever and then I went to Phillips, which used to be a big company back then. Then in 96' I moved to the financial sector, joined American Express ...

January 17, 2022 at 9:30 am | Economic Affairs

By Hassan Habib Unlike 2020 in which lukewarm economic activity was witnessed, the outgoing 2021 remained happening year for the economy. The fear of COVID-19 pandemic subsided to a great level because of mass vaccination drive by the Government. Just like the global economy, Pakistan also showed signs of recovery from COVID pandemic in 2021, but despite showing impressive GDP growth numbers rising twin deficits and inflationary pressures clearly showed that it remained a difficult year for common man. Unlike 2020 in which lukewarm economic activity was witnessed, the outgoing 2021 remained happening year for the economy. The fear of COVID-19 pandemic subsided to a great level because of mass vaccination drive by the Government. S...

January 17, 2022 at 9:21 am | Economic Affairs

By Sarah Javaid Pakistan though has acquired the targeted growth in past, but has failed to move away from conventional growth targets towards allocative efficiency – assigning resources to priorities and in many cases, have even failed to achieve efficiency. It is a stark reality that efficiency, productivity, allocation of resource, economic growth and economic development, which sound as positive as they undeniably are, but have not come up in the shape of solid economic policy. Whether the problem lies in flawed policy framework or faulty governance is another debate yet Pakistan has not been performing at its potential is The Fatal Conceit. While it’s important to achieve targeted growth levels, it is even more important ...

January 17, 2022 at 9:09 am | Economic Affairs

By Komal Khan “How the de facto authorities – indeed, and the international community - address the drastic economic and humanitarian crises in the country will determine Afghans’ enjoyment of human rights, now and into the future.They will mark the difference between potential lives of dignity and well-being – or accelerating deprivation, injustice and tragic loss of life.”  The security situation in Afghanistan is alarming. This is evident from the remarks of the UN envoy for Afghanistan, Deborah Lyons, who portrayed Afghanistan as “on the brink of a humanitarian catastrophe” because about 60 per cent of Afghanistan’s 38 million population is suffering extreme hunger. While briefing the H...

January 17, 2022 at 8:59 am | Economic Affairs

By Haroon Sharif China’s flagship BRI and CPEC have laid solid foundations for emerging regional connectivity. The success of CPEC as a transformational investment is critical for both China and Pakistan to demonstrate their ability to steer this region towards a sustainable growth path. Despite increased political intensity and geopolitical shifts in 2021, the momentum of global economic gravity continues to shift towards China and East Asia in 2022. The contours of a new economic and political geography within South Asia are also becoming visible with enhanced connectivity among western China, Pakistan and and Central Asia. Led by China’s Belt and Road Initiative (BRI), this fascinating transition is already having a remarka...

January 17, 2022 at 8:48 am | Economic Affairs

By Dr. Aneel Salman and Sheraz Ahmad Choudhary PTI-led government is trying to make taxation a more reliable system but myriad problems like inequality of tax collection, corruption, cost of tax collection and protection of confidential data are afflicting the system. However, solution lies in blockchain technology to fix the faults in the taxation regime. Tax is a compulsory contribution for the basic items in an economy that individuals are required to pay for a smooth working of financial events in a country. Public authorities levy taxes on merchandise, firms, people, and social orders. The framework of taxation in Pakistan is quite like some other tax frameworks in the world. The tax revenue of government can be characterized in...

January 17, 2022 at 8:29 am | Economic Affairs

By Prof. Engr. Zamir Ahmed Awan Asian Development Outlook says Pakistan’s economy is expected to continue recovering in FY2022, supported by stronger private investment, improving business activity, a steady vaccine rollout and economic stimulus measures for FY2022. Since the outbreak of COVID-19, in 2019, the global economy suffered heavily. Pakistan was also not any exception. Lockdown damaged the productivity of Pakistan, social distances have reduced the economic activities to a large extent. However, as compared to the rest of the world, COVID's impact on Pakistan was much less. It might be the right strategy of Pakistan to opt for smart lockdown, instead of complete lockdown. Another reason might be rich gene pool of Pakis...

January 17, 2022 at 8:20 am | Economic Affairs

Born on September 28, 1969, HE Mr. Chakkrid Krachatwong is the current Ambassador of Thailand to Pakistan. He is happily married to Mrs. Pornrat Krachaiwong. He is holding - Bachelor of Arts (International Affairs), Thammasat University and Master of Arts (Political Science), Sangamon State University, USA He joined the Ministry of Foreign Affairs as Third Secretary, Division I, Department of European Affairs. He served as Second Secretary, Division I, Department of European Affairs and Second Secretary, Royal Thai Embassy, Lisbon; First Secretary, Royal, Thai Embassy, Lisbon; First Secretary, Latin America Division, Department of American and South Pacific Affairs; First Secretary, Secretariat to the Department of American and South Pa...

December 15, 2021 at 8:22 am | Economic Affairs

By Dr. Zafar Iqbal On behalf of the people of the government and people of Pakistan, I congratulate the Romanian government and people as they celebrate Great Union Day. As they mark this special day, I wish peace, prosperity, and good health to all the Romanians, living inside Romania or celebrating abroad. I also take this opportunity to reaffirm Pakistan’s desire to deepen our longstanding close and cordial relations with Romania. For Pakistan, Romania has always been a valued and important partner and steadfast friend not only in the bilateral context but both countries have a longstanding history of having similar views on major regional international issues. For Pakistan, Romania has always been a valued and important p...

December 15, 2021 at 8:12 am | Economic Affairs

By Sahebzada A. Khan It is indeed a pleasure to contribute to Monthly Economic Affairs, Pakistan, especially on the 70th Anniversary of establishment of diplomatic relations between the Islamic Republic of Pakistan and the Kingdom of Thailand. The logo of the anniversary was launched on 08 October 2021, to kickstart the celebrations. There are numerous activities being planned in Pakistan and Thailand on this momentous occasion. These activities are an opportunity to celebrate our achievements and identify the opportunities, where we can further synergize to achieve our mutual goals and aspirations. Thailand and Pakistan are long-trusted friends. Ours is an enduring relationship that was best described by His Majesty Late King Bhumib...

December 15, 2021 at 8:01 am | Economic Affairs

The Sultanate of Oman marked the 51st National Day of the Renaissance on 18th of November. The event cams around at a time when Omanis ponder about the achievements made so far and braced for further accomplishments, with firm resolve, under the astute leadership of His Majesty Sultan Haitham Bin Tarik who pledged to hold high the banner of Renewed Renaissance, since he assumed power in the country on 11 January 2020. The Renewed Renaissance kicked off on a high note when His Majesty Sultan Haitham Bin Tarik called upon the people of Oman to do their best to enrich domestic development and foster progress in all fields. This is considered one of the major principles of Renewed Renaissance in its quest to attain ...

December 15, 2021 at 7:52 am | Economic Affairs

By Zahoor Ahmed December 6 is the national day of the Republic of Finland. On this day, Finns everywhere fly their blue and white flag and bake delicious cakes with blue and white icing. Traditionally, Finnish families light two candles in each window of their homes to signify offering hospitality to wanderers. While Finland has a harsh climate and small population of 5.5 million, the country is one of the most advanced nations in the world primarily on account of its achievements in the fields of education and innovation. Today, it has a highly industrialized, largely free-market economy with one of the highest per capita output and standard of living in the EU. Finland also ranked at the top of the UN's annual World Happin...

December 15, 2021 at 7:39 am | Economic Affairs

Dr. Muhammad Hameed The history of Buddhism in Pakistan can be traced back to the middle of the third century BCE when Asoka, (Ashoka), the famous king of the Mauryan dynasty founded by Chandragupta Maurya, accepted Buddhism after the Kalanga war. Philosophy the religion by which winning hearts through respect instead of bloodshed/war influence Asoka to such an extent that he decided to change his faith and converted to Buddhism. This was the first time when Buddhism got the royal patronage when Asoka declared it as “State religion” due to which eco of the faith spread throughout his empire. Many practical steps were taken to spread the philosophy, teachings, and ethics of the religion. Missionaries were sent to all parts of the ...

December 15, 2021 at 7:25 am | Economic Affairs