Singapore a vital partner for Pakistan

MARCH 23 has a great significance in our history as this was the day in 1940 when Muslims of the Indian Sub-Continent resolved to have a separate homeland of their own, where they could live as a free nation according to the principles of Islam. The Pakistan Resolution passed on this day in Lahore gave them a clear goal to achieve under the able leadership of Quaid-e-Azam Muhammad Ali Jinnah.

Today, Pakistan is a country of 220 million people with potential to become the world's 20th largest economy by 2030, according to PwC, reaching the 16th spot by 2050 in USD Purchasing Power Parity (PPP) terms. This would put it ahead of countries such as Canada, Spain, Italy, the Netherlands, and even South Korea.

Despite the pandemic, the economic reforms agenda of Prime Minister Imran Khan is on track. The recent policy interventions by the State Bank of Pakistan have already started showing results, the most important being (i) housing and construction financing, (ii) introduction of a Secured Transaction Registry and private credit bureaus and (iii) progress of digital payments and finance.

Under the Naya Pakistan Housing Project, five million dwelling units are being constructed to cater to the needs of the lower income class. Commercial banks are being encouraged to increase their housing and construction finance. The Secured Transaction Registry (STR), already in operation, will enable SMEs to acquire loans from commercial banks against movable assets. The National Financial Inclusion Strategy has been devised to be implemented through more innovative and research-based interventions.

An e-commerce policy has been introduced and a National E-commerce Council has been set up. More than 30 exporters have been listed on Amazon.com on a trial basis, which if successful will be followed by adding more domestic firms to the list for greater global outreach. A cross border B2C e-commerce regulatory framework has been developed by the State Bank of Pakistan to facilitate online sales of exporting firms.

The Roshan Digital Account is another commendable initiative of the State Bank of Pakistan, aimed at connecting overseas Pakistanis to their homeland and facilitating them in contributing to its economic development through investments. Funds thus invested can be remitted back from Pakistan in a hassle-free manner without any cumbersome approval process.

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On the external front, Prime Minister Imran Khan's vision is to project Pakistan as a geo-economically pivotal development state at peace with itself and the world. Regional connectivity is therefore a cornerstone of Pakistan's foreign policy to emerge as a trade and transit hub.

The China Pakistan Economic Corridor (CPEC), a US$62 billion project, is a principal example of the connectivity paradigm, which is the crown jewel in China's Belt and Road Initiative. The project is destined to transform lives of not only the people of Pakistan but two billion people in the region.

Similarly, CASA 1000 (Central Asia-South Asia power project), and TAPI (Trans-Afghanistan Pipeline) are aimed at connecting Pakistan with Central Asia through Afghanistan, to benefit from its energy resources and optimise use of the Gwadar port, for which lasting peace in Afghanistan is a pre-requisite. Pakistan welcomes foreign investment in CPEC-related Special Economic Zones (SEZs) to usher in an era of economic partnership with the world.

Singapore is an important country in Southeast Asia with huge economic clout. Its excellent connectivity and vast network of FTAs (Free Trade Agreements) with fast growing markets and key regional organisations including Asean and Regional Comprehensive Economic Partnership (RCEP) make it an indispensable economic partner for Pakistan.

With its huge investment portfolio, Singapore can become an important partner by investing in emerging sectors such as infrastructure development, affordable housing, SMEs, logistics, agro-tech, food processing, knowledge/technology/industrial parks (in SEZs) urban/smart city solutions, fintech and AI.

The High Commission will continue working closely with Singaporean partners to build a meaningful and mutually beneficial economic relationship between the two countries. It will also continue its endeavours for leadership level interaction between the two countries.

Pakistan would build upon the existing partnership with Singapore in international fora, including in the United Nations, World Trade Organization, World Intellectual Property Organization, International Maritime Organization, UN Human Rights Council and International Civil Aviation Organization.

I would be failing in my duty if I do not acknowledge the contribution of our diaspora in building bridges of friendship between Pakistan and Singapore. Many of these Pakistani families chose Singapore as their home at a time when it had just emerged on the world map. They became pioneers of several key industries in this newly born country such as shipping, aviation, IT and software, engineering, building and technology and infrastructure development. They are a great source of strength and pride for us and are our common asset. I would like to take this opportunity to wish them all a very happy National Day.