Gohar Ejaz dreams of making Pakistan top 5 global economies
By News Desk
September 14, 2024 09:30 PM
Former federal minister for industries and commerce Dr. Gohar Ejaz has expressed his ambitious vision for Pakistan to become the fifth-largest economic power in the world, despite the country currently ranking below 50th globally, reported 24NewsHD TV channel on Saturday.
Addressing the 31st-anniversary celebration of COMMECS College in Karachi as chief guest, he referring Pakistan’s unexploited potential, stating that while the nation is among the 10 most populous countries, it lags in economic development.
He emphasized the need for bold economic policies, revealing plans to form a special board to guide Pakistan’s future growth.
“We have not done justice to Pakistan. That is why we are establishing a board to formulate policies for the country, and I am proud to announce that Dr. Shamshad Akhtar will be a member of this board,” he said.
Ejaz also spoke of his commitment to improving education in Pakistan, citing his father’s role in founding COMMECS College as an example of turning dreams into reality.
Gohar announced a donation of one billion rupees towards transforming Karachi’s educational landscape by establishing a top-tier university.
“It was a dream shared by eight people, including my father, that led to the creation of this college. Now, we dream of turning Karachi into a hub of excellence by building a world-class university,” he declared.
Addressing Pakistan’s economic struggles, Ejaz pointed out the country’s debt dependency and the challenges facing its youth.
“Sixty percent of our population consists of young people, yet apart from LUMS and IBA, there are no centers of excellence in Pakistan,” he noted. He further added that the country’s exports stand at $30 billion, with only $5 billion each coming from agriculture and manufacturing.
“Due to the high cost of electricity, the manufacturing sector cannot thrive,” he lamented.
Ejaz criticized the country’s energy policies, stating that electricity prices, currently as high as Rs. 80 per unit, are suffocating both domestic and commercial sectors. He revealed that he had repeatedly raised concerns over the cost of electricity during his tenure as minister, only to be met with resistance.
“In every cabinet meeting, I asked about electricity prices, and the answers were so complicated that I had to fight for what was right,” he said.
He also expressed his concerns over the mismanagement of Independent Power Producers (IPPs), accusing them of failing to meet their contractual obligations.
Ejaz stressed that the government should not be involved in running businesses, as excessive borrowing had led to the downfall of national assets like Pakistan International Airlines (PIA).
Despite the challenges, Ejaz remains optimistic about Pakistan’s economic future.
He suggested that if the country could achieve just a 10 percent annual growth rate, it would reverse its dependence on loans.
“If we can maintain a 10 percent growth rate for 10 years, we will no longer need to borrow. Instead, we will become lenders,” he concluded.