Inside Financial Markets
Strong economy leads to “National Security”: Razak Dawood - Inside Financial Markets

Strong economy leads to “National Security”: Razak Dawood

– Associated Press of Pakistan

Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood on Wednesday said that strong economy will strengthen country’s “National Security.”

He was addressing a Security Dialogue organized by the National Security Division.

He said that Pakistan has been mostly suffering because of its strategic location and time has come to take advantage of Pakistan’s location instead of suffering because of it.

“Our Geo-strategic location has to be complemented with Geo-economics.” he said.

The Adviser said that history has shown that economic backwardness leads to social conflicts and political turmoil and thus weakens national security.

He stressed that loss of economic security leads erosion of national sovereignty.

Strong economy aims to define the country’s new strategic direction in line with the Prime Minister’s vision of peace, regional connectivity and development partnerships with the world, Razak Dawood.

He said that economic security consists of inter-connected pillars which are Industrial Security, Energy Security, Food Security, Connectivity, Financial Security and economic diplomacy.

He said that a big nation like Pakistan cannot depend on importing and trading but it needs manufacturing based on technology and know-how.

In order to support creation of an industrial base, the Ministry of Commerce was implementing the ‘Make-in-Pakistan Policy’ for rationalizing the tariff structure to pursue import substitution, said Dawood.

He said the ministry of commerce is using tariff as a tool to stimulate industrial and economic activity instead of revenue-based approach of the past.

The adviser said that import substitution leads to creation of a critical mass and this leads to exports a vibrant and large private sector.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)