Shahbaz for developing strong regional linkages

[Lahore_Real_Estate]

LAHORE: Punjab Chief Minister Shahbaz Sharif has stressed the need for developing strong regional linkages not only economic but embracing the whole gamut of connection between the countries, political, cultural and people-to-people.

He said Dubai and Pakistan had ever unifying bonds of Islam and culture and their connections were both multiple and multi-faceted. Hence, by working together, they can enhance each other’s strengths to ensure mutual benefits as well as guarding against possible negative effects of the global economic crisis, he added.

He was addressing the UAE Investors Conference in Dubai on Monday, which was attended by delegates from more than 20 countries and leading investors from the UAE. The chief minister said Dubai had successfully established itself on the world map as a regional hub for logistics and financial services and the same pattern of specialist economic hubs are emerging across the world.

The chief minister said the common feature in all these hubs is strong linkages with other regional centres. He said Dubai and Pakistan are located in the same region and there is a significant Pakistani investment in property in Dubai and many Pakistanis regard Dubai as their second home.

He said Pakistan and Dubai are part of the same ‘greater regional economy’. He said Pakistan and Dubai have different competencies, specialisations and economic advantages. He said Pakistan’s strength is its rich national resource base, its large population and its low-cost production. He said Dubai’s strength is its value addition, its understanding of markets and its established regional distribution networks. These are complimentary strengths and by working together they can gain much benefit, he added.

He said there is a need to approach economic collaboration between Dubai and Pakistan. He said Pakistan and Dubai should understand and appreciate each other’s individual strengths and weaknesses and thereby identify optimal areas and mechanisms for working together.

It is time Pakistan’s natural resources and low-cost production centres join hands with Dubai’s world brands and distribution networks which will help in the generation of employment opportunities and increased revenue in Pakistan and enhance competitive advantages as a regional hub to Dubai, he further said. The chief minister underlined the sectors of mining, iron ore, agriculture, livestock, energy, real estate as well as others which will result in tangible and plentiful gains to both.

He said the strategic location of Punjab gives it links to Central Asia, the Gulf, India, China and the Far East. He said Punjab has a vast wealth of natural resources and it has maintained average growth rate of 7.5 per cent for many years. The chief minister further said he is a firm believer in the role of private sector as a driver of economic growth as it is what generates jobs, promotes competitiveness and stimulates growth.

He said the government is endeavouring to cut red-tape, reduce regulation, promote liberalisation, develop trade links and do everything necessary to enable the private sector to flourish. He said all sectors in Punjab are open to foreign direct investment. He said the provincial government has established a wide network of export processing zones and industrial estates and is working to provide 21st Century infrastructure and facilities.