Karachi (HRNW)-\u00a0Pakistan\u2019s recent diplomatic successes have improved the country\u2019s image globally, but the government must take immediate and effective steps to translate these achievements into sustainable economic growth, according to economic analysts.<\/p>\n
Experts say that, in addition to immediate benefits such as increased trade with Iran, access to cheaper energy, reduced smuggling, and the promotion of border trade, Pakistan\u2019s enhanced international reputation could become one of its greatest economic assets.<\/p>\n
They identified two key priorities for the government. The first is to strengthen long-term cooperation with Iran in the fields of energy, trade, and logistics, which could accelerate the economic development of Balochistan while improving stability along the border. The second is to actively promote Pakistan as an attractive destination for foreign investment, encouraging greater trade partnerships and investment inflows.<\/p>\n
According to the report, major business groups in Pakistan\u2019s private sector can play a significant role in driving economic growth through joint ventures with international companies. Several leading firms listed on the Pakistan Stock Exchange already maintain successful partnerships with global businesses in sectors such as automobiles, engineering, energy, technology, textiles, and healthcare.<\/p>\n
Experts have urged the government to support the private sector through tax incentives, easier access to financing, and the Special Investment Facilitation Council\u2019s one-window system to boost exports, foreign direct investment, employment, and technology transfer.<\/p>\n
The report cautioned that failing to convert current diplomatic successes into tangible economic benefits could result in another missed historic opportunity. It called for continuous consultation between the government and the business community, along with the removal of barriers to investment and trade.<\/p>\n
According to experts, if Pakistan can sustain annual GDP growth of 5 to 5.5 percent over the next three decades while effectively managing population growth, the country\u2019s per capita income could reach $5,000 by 2060, bringing living standards closer to those of regional economies such as Indonesia and Vietnam.<\/p>\n
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