WNAM REPORT: To promote economic nationalism and counter Indian war mania, economic nationalists urged the government and key policy makers to pursue rigorous economic diplomacy, to secure its high exports, inflows of foreign direct investments (FDIs), revenues and continued International Monetary Fund (IMF) support.
They said this should be achieved through pragmatic foreign policy, and promoting meaningful and effective international engagements and economic consultations with close allies such as China, Saudi Arabia, UAE, Türkiye, Qatar and even the USA.
Talking to The Express Tribune, they emphasised the need to channel surplus funds of the domestic banking industry to maintain economic stability, support sustainability, expand consumer lending and promote human development.
The State Bank of Pakistan (SBP) governor must announce some concessions for major industries — such as textiles, steels, cement, pharmaceuticals and garments — in their payments to the banking industry during the ongoing war situation. A nationalistic appeal should be made to all Pakistanis living abroad to send maximum worker’s remittances to the country, they said.
Spreading the spirit of economic nationalism, and prioritising public welfare over ruthless corporate profit, they said community development is far more desirable than the formation of undesired cartels. “United we stand and disunited we perish should be our motto,” they added.
India’s hawkish politicians, military junta and certain segments of the society have already gone mad creating war euphoria to serve their vested interests, and gain political support in the upcoming state elections.
Pakistan’s policy makers must form holistic and comprehensive policies in terms of price and financial stability, energy and food security, and smooth functioning of the stock exchange. Additionally, focusing on controlled speculation, consolidating currency parity and foreign reserves, and expanding petroleum storage will help maintain economic stability, social harmony and political unity, commented the economic nationalists.
When it comes to water related tensions, they said the Indian government has unilaterally suspended the Indus Water Treaty (IWT) and is using it as a tool to pressurise Pakistan. Unfortunately, since its inception, successive Indian governments have pursued hegemonic water terrorism against Pakistan, damaging the country’s water supplies, crops, properties, lands and citizens.
It is high time for Pakistan to proactively consider making numerous bodies of water, start the construction of mini, medium and large dams on a regular basis, and implement comprehensive water conservation policies and technologies. Additionally, adopting hydrogen power generation and developing an extensive network of canals for smooth and easy cultivation in the country could be greatly beneficial, they noted.
Economic strategist and regional expert Dr Mehmoodul Hassan Khan said the role of commercial attachés is crucial in attracting prospective investors from Central Asia — mainly Kazakhstan, Uzbekistan, Azerbaijan and Gulf Cooperation Council (GCC) — to make investments in the country.
He highlighted Pakistan’s role as a connecting hub between South Asia and Central Asia, facilitated by initiatives such as the China-Pakistan Economic Corridor (CPEC) and Belt Road Initiative (BRI). Dr Khan stressed that it is high time that commercial attaches work for the country’s interests rather than wasting their energy, money and resources on self-projection. The appointment of trade representatives, regional experts, applied economists, strategists and marketing experts should be pursued and further promoted, he added.
He remarked that diplomatic wisdom, active international engagement, and a diversified approach to foreign relations are key to advancing national interests. This includes regular briefings to the diplomatic community and outreach to international organisations, serious consultations with Beijing, Saudi Arabia, UAE, Washington DC, Russia and Türkiye.
He stressed that “There is an urgent need to further enhance our strategic petroleum storage, build public food banks, import basic necessities, and above all, implement appropriate measures to control capital flight from the country.”
He suggested that Pakistan has strategic partnerships with China, Azerbaijan and Uzbekistan, which must be further enhanced to preserve economic stability, oil & gas supplies, energy cooperation and joint military alliances for self-defence.
