Writing for Dawn, Dr. Hussain Mohi-ud-Din Qadri discusses the concept of a “project economy” as a way to promote sustainable economic growth in Pakistan. He argues that the country needs to move away from a “rent-seeking” economy, where businesses and individuals aim to profit by seeking government contracts or other special privileges, and instead embrace a project-based approach that encourages private investment and innovation.
Dr Qadri suggests that a project economy should be based on four key principles: entrepreneurship, innovation, infrastructure, and education. These principles are designed to create an environment that fosters the creation of new businesses and encourages them to invest in projects that are innovative and transformative. At the same time, the principles aim to create an ecosystem where businesses can operate efficiently and effectively by building and maintaining the necessary infrastructure and workforce.
According to Dr. Qadri, the government has a crucial role to play in creating a favourable environment for a project economy. This includes developing a regulatory framework that encourages entrepreneurship, providing funding for research and development, and investing in infrastructure projects such as roads, railways, and ports. He also stresses the importance of good governance and accountability, as these are critical for attracting foreign investment and ensuring that projects are completed on time and within budget.
Dr Qadri highlights some examples of successful project economies around the world, such as Singapore, which has transformed itself from a third-world country to a first-world economy through the implementation of a project-based approach. He also notes that Pakistan has the potential to become a hub for international trade and investment, given its strategic location and access to key markets.
In conclusion, Dr Qadri argues that a project economy is the way forward for Pakistan, and that the country has the potential to become a major player in the global economy if it embraces this approach. He calls on the government and private sector to work together to create an ecosystem that encourages innovation, investment, and growth, and to ensure that Pakistan’s economy is sustainable, equitable, and responsive to the needs of its people.
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