Washington, D.C, February 28, 2020: Karachi, most commonly known as financial and industrial capital of Pakistan, has been showing downward economic growth owing to the leadership crises that has engulfed the city after economic and business entrepreneurs left the city and settled in Europe and North America. This was discussed by the speakers in a session on “Economic prosperity of Pakistan “organized in Washington D.C.Addressing the participants, Faiz Rehman, senior broadcast journalist and former chief of VOA Urdu Service, said that Karachi was used to be considered as huge economic hub because of its 2nd busiest port and industries. But, since last 10 years Karachi has failed to contribute in Pakistan’s economy and has taken it almost 50 years back economically than the rest of the world. He said that all the finances and industries were shifting to Lahore because of worst law and order situation, inconsistent economic policies of the various governments and tussle among different political parties in Karachi. He said that Karachi which has over 14 million population, has a huge economic potential and there is a dire need of investment by those who flew from Karachi years ago.
Famous Poetess Mona Shahab who has been moved to USA from Karachi 30 years ago, said that many public private projects can be initiated to utilize full economic potential of Karachi. She lamented the fact that Karachi hosts Pakistan’s premier financial markets and industries but current level of low investment has resulted in decreased civic facilities. She said that according to the records of SECP, foreign firms prefer to invest in Islamabad and Lahore rather than Karachi owing to the poor infrastructure and security situation. She said decreased foreign investment has created a huge social deficit and expanded middle class.
Former Executive Banker, human rights activist, political arctic from Republican party and the main organizer of the event Shahab Qarni told that Pakistan Ambassador to USA and Pakistan deputy chief of the mission for USA are also invited in the event. He further said that Karachi has both positive and negative spillover effects that effects whole of Pakistan. Economic prosperity of Pakistan depends upon the contribution of Karachi in GDP, he added. Qarni further said that entrepreneurs can act like a bridge between Karachi and USA for the prosperity of Pakistan.
Participants opined that a vacuum has been created with the shifting of Karachi’s rich elite that has been shifted to Europe and North America. These Pakistani’s can easily invest 10 billion USD annually in various sectors in Karachi and through there it can be expanded to the whole of Pakistan, and with the contribution of business entrepreneurs, birth place of founder of Pakistan may come out of the current economic and leadership crises.
