How Nations Thrive
Why do some economies flourish, while others perish? Why some economies become huge success, while others scour?
Geography, culture, weather, population, land, sea, natural resources, highly educated population? Sorry in my view none of these factors is either ultimate or fortunate. Plentiful natural resources and an educated workforce can lead to fast economic growth but these are not enough, especially for sustained growth over time when the resources eventually come to an end.
There are many countries around the world ? in the Middle East, Asia and even South America having enormous heap of natural resources but have relatively low living standards. Similarly, there are countries with few natural resources that have achieved very high incomes. There is a huge difference between ?Availability of Resources? and ?Manage- ment of Resources?.
To me, it is the management that makes a difference. True and loyal management leads the countries /economies to grow and boom. This ultimately results in a public welfare state where state plays a key role in the protection and promotion of the economic and social well-being of its citizens.
On the other hand it is a reality that economic strength requires political strength. Simultaneously political strength requires economic strength. Both are very closely interlinked and complementary, one paying for the other. Fortunately western economies have achieved this balance.
By grace of Allah Almighty, in Pakistan first transfer of power from one democratic government to another elected government has made the future of democracy very bright. This move has ensured the political stability that will lead to a definite economic stability.
Nature has bestowed Pakistan with great advantages of regional connectivity, resource endowments and soft power strengths. These elements can be used to build sustainable, worthy and strategic partnerships. Pakistan has tremendous potential as an investment destination having necessary infrastructure, institutional base and a democracy growing stronger with each passing day.
I feel proud to share that Pakistan provides relatively strong protection for foreign investors. It has made Bilateral Investment Agreements with Forty Eight (48) countries.