Govt’s recent steps for economic revival encouraging

Lahore: The Pakistan Economy Watch (PEW) on Thursday said some recent steps taken by the government including ratification of Iran pipeline agreement by the Federal Cabinet and handing over Gwadar port to a Chinese firm are highly promising.

These steps will go a long way in reviving economy which is in tailspin since some time leaving millions jobless and threatening growth, said Dr. Murtaza Mughal, President PEW.

He said that Chinese cooperation in the pipeline project will make it a reality in less than expected time which will be a great service to the country and people of Pakistan reeling under energy crisis.

Dr. Murtaza Mughal lauded the patience of Tehran as the project was delayed for long due to uncalled for US pressure on Islamabad to dump the venture essential for our survival.

Allowing transfer of concession agreement for Gwadar Port from the Port of Singapore Authority to the China Overseas Port Holding will attract further investment, provide opportunities to people of Balochistan and bring Islamabad and Beijing closer which are already like a family, he said.

He noted that announcement of long-awaited three-year Strategic Trade Policy Framework in which an export target of $95 billion has been set backed by steps to support the plan will help improve confidence in the business community.

The government should ensure that the recent Trade Policy does not meet the fate of trade policy framework for 2009-12 which failed due to want of funds.

The plan of the Ministry of Water and Power to generate 3,000MW electricity from sugarcane bagasse on fast track basis is equally encouraging, he observed.

He demanded that all the necessary amendments in the existing policies should be ensured in time to attract investments to make plan of using 10 million tonnes of bagasse for power generation a reality as soon as possible.

Lauding the US assistance for water and power projects and her cooperation for optimum use of hydropower resources, Dr. Murtaza Mughal said that US should stop opposing Iran gas pipeline project otherwise anti-US feeling will run high among masses braving energy crisis.