LOW foreign development investment (FDI) inflow is an alarming situation. It is one of the many but most important indicators of what the world feels about us and our government.
It is a direct reflection of the confidence other states have on our country. Apart from political turmoil and social unrest, there are many controllable factors which affect FDI.
These include rationale monetary and fiscal policies, government`s assurance for repatriation of profits, the government`s other economic policies that attract FDL Unfortunately, we have not only failed in controlling law and order and restoring peace at home but we never systematically make our policies or pursue them with a developmental outlook.
The major reason is lack of planning and the temporary system that we have in announcing what little we do. We change ourselves overnight under the pressure of one political party or the coalitions and get away with it by calling it the policy of reconciliation etc.
This rhetoric has lost sense and the import of these terms. We have little or no vision and no economic philosophy or planning. I recall that not long ago we had a planning commission which used to prepare five-year plans.
The planning commission was headed by none other than the prime minister himself and the chief executive used to be called deputy chairman. This planning cell used to consider overall multiple affecting factors and steer the country towards some economic objectives.
But I do not know who does this job now.
If he is multifaceted Finance Minister Ishaq Dar, then I feel pity on him as he has to do all this, including the premiership by tactfully using Nawaz Sharif`s name.
As an economist, my humble advice to ourrulersis to digoutbrilliantpersonsin our country and make them work by not only paying them well but also respecting them: the respect for which they are the rightful claimants.
