FM Qureshi discuses challenges of economic diplomacy for Pakistan

KARACHI: The Institute of Business Administration (IBA), Karachi organized a distinguished lecture on ‘The strategic importance of Economic Diplomacy for Pakistan in the 21^st century’ by honourable Foreign Minister (FM) of Pakistan, Makhdoom Shah Mahmood Qureshi, at the IBA.

On this occasion, members from academia, media, consul generals, corporate sector, the IBA faculty, students and alumni were present.

Foreign Minister Qureshi commenced his lecture by thanking the IBA for inviting him and applauded the Institute for its continuous strive for excellence.

He observed the 21^st century is different from the old times. He added borders have become fluid, communication is instantaneous and free-flowing.

There is a multiplicity of actors and interests within the State, interacting constantly with actors and interests outside of it. Urging the importance of economic diplomacy, he said in one word it is ‘opportunity’.

He also highlighted the economic challenges of the current account deficit and falling exports that Pakistan’s economy is suffering.

He said that the foreign office of Pakistan has made a mindful resolve to place economic diplomacy in front and center of Pakistan’s diplomatic plan. He added that the FO has made solid steps to reorient diplomatic efforts towards addressing national needs.

During the lecture, he mentioned that Pakistan secured over US$10 billion to overcome the balance of payments crisis, and secure oil supplies on a deferred payment basis.

He categorically said that Pakistan will no longer fight wars for others and will preserve its stance for peace across the globe which is why even to India’s aggression, Pakistan always reacted with responsibility and restraint.

While talking about the future, he said that Pakistan must climb up the global value chains by upgrading technology, leveraging young talent, and by capitalizing on the export-related opportunities that CPEC will create.

Following the lecture, a Q&A session between Qureshi and the audience ensued. Concluding the event, Dr. Ghani thanked the distinguished guest for his time and presented a memento to Qureshi as a token of thanks.

Director Alumni Corporate Relations and Communications Department (ACRC) Malahat Awan invited Qureshi and Associate Dean IBA Dr. Sayeed Ghani and Dr. Huma Baqai to the stage.