KARACHI: Majyd Aziz President Global Compact Network Pakistan (GCNP) said that Pakistan is now giving high priority to economic diplomacy and in recent times, this process has been amplified with formation of Special Investment Facilitation Council. Effort of General Asim Munir Chief of Army Staff are praiseworthy in this connection. He has convinced friendly countries to invest over $ 50 billion is manifestation of pragmatic economic diplomacy. Addressing ‘Role of Diplomacy in Economic Development’ event organised by SES Diplomatic Network he said that issue is that normally Commercial Consul is not diplomat but from bureaucracy and may not be proficient to comprehend business realities.

Economic diplomacy is imperative in negotiations of free trade or preferential trade agreements because trade and investment promotion represents cutting edge of economic diplomacy.

He called for completely revamping system of regulatory permissions, disbanding TDAP, TCP and Board of Investment and introducing taxation, infrastructure and visa reforms in order to showcase seriousness of attracting huge foreign direct investment in various sectors, especially agriculture, mining and information technology.

Published in The Daily National Courier, September, 12 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.