Caretaker Energy Minister Mohammed Ali advocated for a reduction of government involvement in businesses during his address at the Karachi Literature Festival (KLF) 2024. He emphasized that Pakistan stands out as a multi-party democracy where the government holds significant control over various industries, a situation he deemed incompatible with achieving self-reliance.
Speaking on the panel titled ‘The Big Picture: Future of Pakistan,’ Ali highlighted the need for alignment between the political and economic systems, stressing the importance of reducing the government’s footprint in businesses as a starting point for progress. He compared two models of governance, citing the success of countries like China with centralized decision-making and state-owned enterprises, and contrasting it with the multi-party democratic system in Pakistan, where government intervention in businesses is uncommon globally.
Ali pointed out that in multi-party democracies, changes in leadership often result in varying approaches to managing businesses, leading to inefficiencies and misuse of state assets. He proposed a separation between government regulation and economic activity, advocating for a private sector-driven economy while emphasizing the importance of empowering strong local governments for regional economic development.
Meanwhile, other panelists echoed concerns about Pakistan’s youth population being underutilized and stressed the importance of investment in education, health, and technology. They highlighted the need for reforms in foreign policy to tap into new markets for Pakistani products and improve economic ties with allies like China. Additionally, solutions were proposed for addressing energy issues through renewable sources and leveraging Pakistan’s agricultural potential for youth employment and food security.
Muhammad Azfar Ahsan CEO Nutshell, Wasif Rizvi President Habib University, Maheen Rahman CEO, InfraZamin InfraZamin and Sirajudd Aziz Federal Ombudsman banks were expressed thier views
Story by Bilal Hussain
