CriticalThought
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So happy to see that our country is moving in the right direction, there is indeed a lot of work yet to be done, but I believe that we should focus on export oriented industrialisation,and on reaching as close to industrial self sufficiency as possible, this means that most of the products meant to be sold in the country would be produced locally and we would be able to export finished or unfinished products for economic growth.
The initiatives that I propose are:
1)Legislative reform to make Pakistan an attractive destination for companies to set up factories and production units, some measures could be:
*Lowering regulations and tax rates
*Subsidising the import of industrial machinery
*Establishing export oriented agreements with targeted countries(e.g.
FTAs etc
*Requiring all export products to have a small sticker that says "High Quality Product - Made in Pakistan" in the language of the country we are exporting to.
2)An Awareness campaign to advertise the attractivenes of our country as an industrial hub, we can seek inspiratin from other programs such as 'Invest in Germany' , 'Invest in Macedonia' , or even the Make In India campaign.
3)The creation of proper,unpoliticicized 'state corporations'. Russia has some of these such as Rostech( for local technological productiona dn export) , Gazprom(petroleum and oil sales) etc , these state corporations will not only boost our exports even when the private sector can't but they will also raise revenue for the state, hence taxes can be lowered on ordinary Pakistanis, stimulating economic growth.
I have a lot more in mind, and I can write on each of the above points in great detail, should I write a series of articles on this topic?
When foreigners invest in a country, they are looking to take profits out of it. It's a business transaction. Your country is not necessarily going to advance on the development axis. Meaning, you won't necessarily develop the capacity to indigenously produce something. Think about all those Toyota and Honda plants. If they decide to close shop today, pack up and leave, can Pakistan produce automobiles? Answer is, it can't. And even if they exist for the next hundred years, we can't. Even if somehow we were able to produce an automobile, we wouldn't be able to sell it.
National corporations have suffered terribly from corruption. PIA, Steel Mill, Sui, all are examples.
Today, if you want to produce something and export it, you have two paths: start reading associated patents, think of a really creative way of solving the problem that is not covered by any existing patents, then develop it and patent it. Not many projects proceed in this manner. The second, and more sane approach is to acquire a license to build something locally. Setup the plant, and start manufacturing. This sets up a revenue stream. Now either bring in more funding and/or use the income to start understanding everything in your manufacturing plant. As your understanding grows, start making small changes. Come up with creative new ways of doing things. And see if you can patent them. This is how you slowly start growing your intellectual property.
This requires extensive capital investments, and planning and oversight to ensure we improve our own indigenous competency, rather than giving foreign investors the chance to use our cheap labor and abundant resources to make their own money. And this is where our corrupt leaders have sold us out totally. They are more interested in their own well-being, rather than developing Pakistan into an advanced economy.