Seminar held at the
Department of Management Sciences. Isra University, Hyderabad.
By SHAFAQ FATIMA
Faculty member Dptt. of Mgt. Sciences
July 01 - 07, 2002
As per tradition Department of Management Sciences
at Isra University, organized an expert and skilful lecture.
The lecture on "Economic Development in Sindh"
was delivered by one of the committed professional of our country Dr
Abdul Hafeez Shaikh, Minister for Finance, Planning and Development,
Govt. of Sindh.
As planned the lecture started at 5:00pm in the
evening, with a recitation of the verses from Holy Quran. Then the
vice chancellor Dr Assadullah Kazi came up for the welcome address
highlighting the achievements of Dr Abdul Hafeez Shaikh and the
hallmarks of his professional career that gave way to the strategic
position of being the Finance Minister.
Dr Abdul Hafeez Shaikh started the lecture by
pinpointing the elements essential for the economic development and
the most important of which makes up increase in the exports. He
quoted the example of Hong Kong which is smaller then Nazimabad
(densely populated area) of Karachi but due to its economic policies,
it's foreign trade and foreign currency measures are much higher than
Specifically speaking, for the current economic
situation in Sindh, firstly he mentioned the strengths of Sindh, which
includes the logistically located port, and the airport and than the
coastline for tourism, and the presence of river Indus with all its
Dr Abdul Hafeez Shaikh mentioned the bottlenecks
jamming the economic development of Sindh when the present Government
took charge. The efforts that were carried out by the Sindh government
to increase revenues were fruitful. But the revenue earned was
channalized towards the payment of Rs. 20 billion, which was one of
the unpaid expenditure of the previous government.
The Finance Minister mentioned the good earnings of
the Sindh government but up till now they were used to payoff the debt
and previous expenses. Then, he also vividly told the audience the
stagnancy in various projects of Sindh which were stopped on the verge
of completion because of the absence of foreign financial pumping,
coming again on the elements crucial to the economic development, he
took the example of developed and emerging economies like Brazil and
China who are strongly concerned about educating their people, and
investing therefore in human capital. He emphasized on the strong need
of increasing access to the education for all people.
Dr Abdul Hafeez Shaikh also stressed on the
investment in the poor people by giving them access to health and
infrastructure & social protection. He proudly identified the
steps taken by the Sindh government to improve the conditions of the
people living below the poverty line making less than a dollar in a
year. Another important consideration of the Sindh government that was
mentioned during the lecture was restoring the foreigners' confidence,
the first and the foremost incentive to bring in financial investment.
He candidly mentioned the law and order situation of Karachi due to
which the country lost a few of the projects. However, the government
was successful to bring in good projects again. The increase in
business confidence has kept both domestic and foreign investment on a
growing scale. The home remittances from US and UAE have also grown.
Though the minister brought in discussion various
examples of countries that have achieved a noteworthy economic growth
rate but he referred to the fact that the key principles for economic
development are clear, although, there is no single road to follow.
Countries should device there own strategies and models that suit them
Dr Abdul Hafeez Shaikh greatly impressed the young
interestedly listening students by telling them about his expectations
from them. He said that the young blood could change things. They have
the stamina to work round the clock and can take the nation to a safer
haven. He strongly advised them not to act like cynical or skeptics
but should have a bright vision and outlook of life.
The lecture was followed by a question answer
session. And the distinguished guest was asked candid questions. The
Finance Minister gave the clear answers with exact facts and figures.
After the lecture, a vote of thanks was due to
come. Prof. Dr Amanat Ali Jalbani, chairperson, department of
management sciences came up to express thanks and gratitude on behalf
of the whole university. He expressed his faith in the words of Dr
Abdul Hafeez Shaikh, promising a bright future for Sindh.