Pakistan Economy Challenges and Solutions

Dr Mohid Iftikhar speaks at a seminar organized by SZABIST

During a seminar titled “Pakistan Economy Challenges and Solutions” on May 18, 2023, organized by SZABIST (KARACHI), Dr Mohid Iftikhar of the Center for International Strategic Studies Sindh (CISSS) explained that Pakistan’s contemporary economic challenges are a combination of structural and domestic factors. He highlighted that geopolitical challenges, climatic shifts, emerging tech markets and economic recovery from COVID-19 are some of the key aspects of the international political economy. Further, Dr Mohid Iftikhar noted that some domestic factors include a lack of economic innovation, an abundance in the supply of university graduates, high dependence on energy commodities, little export diversification and constrained market structure. And consequently, current account imbalances and other macroeconomic issues are in place.

Dr Mohid Iftikhar informed students that we must learn from Pakistan’s best industries including telecommunications, banking, nuclear energy, and information technology. He explained that these industries are performing up to the mark because of continued innovation and quality manpower.

In regard to economic solutions, Dr Mohid Iftikhar underlined that Pakistan’s investment policy 2013 is a guideline for ease of doing business and students must explore it. In addition, he pointed out that climate-smart agriculture including nuclear application in agriculture is a good choice for addressing climatic challenges such as heatwaves and saline water because it is affordable, high quality and produces stable crop yields. He also informed students that Pakistan has a huge potential in electrical vehicle markets, fintech and finding new trading partners such as in Latin America. In conclusion, Dr Mohid Iftikhar suggested students to think positively and explore their full potential, as Pakistan offers abundant opportunities in entrepreneurship, engineering, business, art, academia and government.