Enhanced savings, taxes, investment in SMEs can stabilize economy: Burki.

LAHORE -- Former finance minister and renowned political economist Dr Shahid Javed Burki on Thursday called for enhancing ratio of domestic savings, tax collection and investments in SME sector for sustainable future development of Pakistan. He expressed these views at a seminar "SME Sector Opportunities and Challenges in Pakistan" jointly organized by Small and Medium Enterprises Development Authority (SMEDA) and Burk Institute of Public Policy (BIPP) here at SMEDA Head Office. SMEDA CEO Farhan Aziz Khawja and economists including Shahid Najam and Babar Yaqoob Fateh Muhammad addressed the seminar.

Secretary Industries, Punjab Small Industries Corporation (PSIC) Managing Director, Secretary P and D, Secretary Finance, Federal Ombudsman and a number of government and business community representatives also attended the seminar through video link. Dr Shahid Javaid Burki, who was key speaker of the seminar, advised to follow the Chinese methodology of economic development for Pakistan. He added that when he made the first visit of China in 1965 it was a far less developed country than Pakistan. But, now it had become the world's 2nd largest economy, he said and informed that China had taken such quantum leap in development by restricting its SMEs, manpower and technology as per requirements of the global markets.

He said, 'The rich opportunities available for SME development in Pakistan also need to be exploited in line with the global standards and it is a great challenge for SMEDA and the government in the current macro-economic situation of Pakistan, but without coming up with the world markets, SMEs could not play its due role in economic development of Pakistan." He pointed out that huge population of youth and the agriculture sector were the major strengths of Pakistan, which could play pivotal role in...