Federal Minister for Finance Shaukat Tarin has said that sustainable economic development projects involving relevant stakeholders will strengthen the economy of Pakistan and therefore, the government has devised short, mid and long term plans for national development.
He was addressing the annual dinner of Punjab University Institute of Business Administration’s Alumni Association at the lawns of IBA. PU Vice Chancellor Prof Niaz Ahmad, Pro Vice Chancellor Prof Dr Saleem Mazhar, IBA Director Prof Dr Muqqadas Rehman, IBA Alumni President Athar Ehsan, former Director IBA Prof Dr Ehsan Malik and eminent personalities from various organizations participated in the event.
Addressing the ceremony, Mr Tarin said that the country was in dire need of inclusive and sustainable growth for which we needed to enhance revenues and promote productive sectors, including agriculture. He said that the only way to avoid the International Monetary Fund and the World Bank Programs was sustainable growth. Recalling the past glory, Tarin said that Pakistan was the fourth largest economy in Asia in 1968. However, he lamented, several decisions triggered the collapse of our national economy.
He said that when there was the time of industrialization, our institutions were nationalized. He said that we destroyed the Planning Commission in 1973, which had a key role to prepare plans for economic development of Pakistan as per future needs. He said that participation in the Afghan war in 1979 and war on terror after 9/11 were the decisions which destabilized our economy. He said that the country was still facing the repercussions of those decisions.
He said that in the 1960s, Pakistan’s economy was far better than South Korea’s economy. But, the situation today is that per capita income in South Korea is 25,000 dollars while in Pakistan it is 1,500 dollars, he added. Highlighting the importance of foreign direct investment, he said that we must increase our export volume and provide a congenial environment for various businesses so that our economy could prosper and we could attract investment.
He said that Prime Minister Imran Khan was an honest man and he was worried about the poor people of the country. He said that he had instructed his economic team to work for the betterment of the poor. He said that at least 4 million middle class and poor families would benefit from Kamyaab Pakistan Program. He said that he opposed Rental Power Projects in 2008 and faced NAB for 9 years but nothing could prove wrong against him. He said that PU IBA was playing its role for development of the national economy.
He urged IBA Director Prof Dr Muqqadas Rehman to launch research projects with the help of the industry. He said that he would ask Mr Shafqat Mahmood to provide funding and full support to the IBA for such projects. Recalling his past memories at PU, he said that he graduated from IBA in 1973. He paid tribute to the services of late Prof Khawaja Amjad Saeed and said that he and Prof Butt sb worked hard for providing quality education to the students. He expressed sorrow that many of his class fellows and teachers had died whom he missed a lot.
Addressing the ceremony, Prof Niaz Ahmad said that PU had improved its international ranking by 16 percent in just 3 years. He said that for the first time, PU’s 13 subjects had been ranked by the QS. He said that he activated alumni associations of Punjab University to strengthen the connection among alumni, departments and new students to promote industry-academia linkages. He expressed the hope that IBA would enhance its role for economic development of the country. He said that those institutions that defined their core values, focussed on their customers and adopted a continuous process of improvement prospered. He said that introducing the best management system, latest technology and a comprehensive social system could guarantee the success of institutions.
Presenting a report of recent developments at IBA, Dr Muqqadas Rehman said that the Business Incubation Centre had been set up to encourage new business ideas. She said that the first international conference had also been organized at IBA and its PhD program had been re-launched. She said that IBA was playing its role in solving various problems of society. She said that alumni played an important role regarding provision of jobs to new students and improve curriculum as per modern demands of the market. IBA Alumni Association President Athar Ehsan said that the association had chapters in 6 countries and continuously organizing activities since many years. He said that IBA produced thousands of skilled graduates who were performing in all sectors. Later, gifts and souvenirs were distributed among participants and shields were also presented to position holder students.