ADB official visits Lahore Chamber: greater private sector participation a must

By | November 1, 2014

Country Head of the Asian Development Bank (ADB) for Pakistan Lerner Liepach while talking to the LCCI President Ijaz A Mumtaz here on Friday at the Chamber has said that greater private sector participation is must to overcome development challenges and put the country to the path to high sustained growth. 

ADB Chief Economist Sharad Bhandari, Director Najma Minhas and LCCI former presidents Mian Muzaffar Ali and Zafar Iqbal Chaudhry were also present on the occasion. Lerner Liepach stressed the need for more resources for investment, domestic and FDI particularly in export-oriented sectors through higher productivity and competitiveness, more diversification of economy and exports. 

Briefing about Country Partnership Strategy 2015-2019, he said that the strategy would focus on infrastructure development with investments, sector reforms, capacity development, institutional reforms for resource mobilisation, private sector participation and public service delivery. He said that although ADP is extending assistance to fulfil the enormous infrastructure needs of Pakistan but substantial results can be achieved if other investors from private sector can co-finance the big infrastructure projects with ADB. 

Speaking on the occasion, LCCI president appreciated the initiative taken by ADB for Pakistan with regard to providing assistance especially through Country Partnership Strategy (CPS) 2009-2013 which has expired. He said that it is vital to continue this partnership. He said that it is a good omen that ADB is ready to launch CPS 2015-2019. 

Ijaz suggested that periodical evaluation of projects should be done in order to minimise the chances of failures. Similarly, there must be some performance review committees comprising members from public and private sectors who may further assist in timely implementation of policy matters. 

He said that priority areas for ADB assistance are of greatest importance for Pakistan’s survival as well as for its future. He said that ongoing investment and reforms in energy and infrastructure have started showing some positive results but still there is a lot to be done. He said that ADB’s assistance in reforms to strengthen governance and promote structural transformation has contributed to a great deal in addressing the root cause of under-performing system. 

He said that present scenario demands multi-pronged approach, therefore, we have to focus at one hand on modernising agriculture sector and on the other hand on bringing improvement in areas like transportation and urban development. He said that macroeconomic stability, political harmony, good governance, productive human resource and robust infrastructure etc can lay a solid foundation to step towards attaining economic stability and becoming a better nation in the region. 

LCCI chief said that ADB has played a significant role in the development of Pakistan’s economy and hope that ADB’s interest in our country will continue. He said that we value our relation with the Asian Development Bank Missions as they give us a broader view of the assistance provided by ADB for Pakistan’s economic growth.