Modifying D-8 economies vital for equal competition: Qureshi

ISLAMABAD: Foreign Minister Shah Mahmood Qureshi Wednesday urged the Developing-8 countries to transform themselves to markets’ needs as economies could not compete equally without adopting the new paradigm of development in the fourth industrial age.

“The new way is to produce in a highly decentralised and interdependent world economy. We must transform ourselves to the needs of our markets. Unless our economies adapt to this new paradigm of development in the fourth industrial age, we will not be able to compete as equals,” the foreign minister said addressing the virtually held 19th D-8 Council of Ministers Session.

He thanked Turkey, the outgoing Chair, for providing effective leadership to the organisation. He also congratulated and extended best wishes to Bangladesh as the incoming Chair of the D-8 Summit.

“Most of the developing countries have low integration into the global economy, the global supply chains and the world of education and culture,” Qureshi remarked.

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Emphasising the youth to play their role in shaping the future, the foreign minister said the D-8 was especially endowed with a youthful population.

He told the session that around 60 per cent of the 220 million Pakistanis were under the age of 30. He said investing in youth was therefore a key priority of the government which was empowering them through education, employment and engagement.

“We must acknowledge that we are living at an inflexion point in history. We are moving from the stage of mass production in industrial goods to the age of mass communication and mass development of products based on ideas. The new way is to produce in a highly decentralised and interdependent world economy,” he said.

Calling the D-8 as the fulcrum to take this vision forward, the foreign minister stressed the urgent need for full implementation of various instruments and agreements for mutually beneficial collaboration, create opportunities for entrepreneurs, and mobilise the private sector.

He said Pakistan welcomed the adoption of the Decennial Roadmap 2020-2030 and was confident that the milestones and priority areas outlined in it would stimulate cooperation.

He said Pakistan had hosted four key sectoral meetings in the last four months which was a clear demonstration of our resolve to do our part in furthering the work of the organisation and reaffirmed Pakistan’s commitment to the vision and objectives of the D-8.

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