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Pakistan and its economic challenges
Economical 05/19/2024
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How do countries think to address the challenges that hinder their growth and development? Let us take Pakistan as an example of this experience because of the importance of benefiting from the global experiences of countries whose economic challenges are similar, and here I mean Pakistan specifically.
While I was listening to a speech given by the Prime Minister of Pakistan, Shehbaz Sharif, in a televised interview with Al-Hadath Channel, as he spoke about his country’s efforts to confront economic challenges, I sensed that there is a great similarity with the same economic challenges that Iraq faces, especially when he identified many aspects that hinder... Economic reform and growth, with the difference in the geopolitical circumstances of the two countries, as Pakistan is one of the emerging countries and a candidate to rise to the level of developed, but it has declined during this period for various reasons.
At the beginning of his speech, he focused on the fact that the priority of the challenge lies in the problems of electricity and energy, and the depletion of due funding in the budget due to corruption and embezzlement that hinder Pakistan’s progress and its targeted growth. Here, the great similarity in the same challenges between Pakistan and Iraq is highlighted.
Let us follow up on how Pakistan is thinking about addressing its economic challenges after the recent decline, according to Shahbaz.
In his speech, he emphasized his country's endeavor to establish partnerships and investment with most countries in the world, with the aim of restoring the growth and prosperity that Pakistan had enjoyed.
He set important priorities to move towards achieving the goals he set, and said that the focus is on the industrial, mining and renewable energy sector and supporting Pakistan’s green economy, then creating areas of cooperation in the field of education and technology and mutual investments with countries, including Saudi Arabia, and he attributed the reason for his choice to progress. His achievements in the field of technology and information technologies, and the successes in the field of solar energy, and his admiration for Saudi Arabia’s 20-30 vision for growth and development, which he considered to be the best model.
Then he stated that Pakistan is discussing the same partnership and cooperation with China and other countries, including neighboring countries.
It also focused on investing in young talents and capabilities to invest in small and medium enterprises, and in the areas of training to gain mutual experiences with countries, including education and the exchange of student scholarships.
This discussion allows Pakistan to be considered a model for confronting economic challenges and searching for promising opportunities, in addition to the process of achieving reforms by focusing on addressing the aforementioned challenges.
Today, Iraq seeks to pursue economic reforms with concrete steps brought by the government program, and there is nothing wrong with looking at this experience, in how to deal with challenges and focus on priorities to achieve the desired growth and development, given the similarity in challenges between the two countries..
The investment opportunities are great and promising in Iraq. It is described as a land of opportunities. Will the global investment locomotive pass through Iraq, Al-Faw and the reliable development path to get rid of the rentier economy and diversify its sources? We follow to see.
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