FOREIGN Minister chaired a meeting at Foreign Office to promote Economic Diplomacy efforts in coming days. Foreign Minister Shah Mahmood Qureshi expressed his resolve to establish Economic Diplomacy Division at Ministry of Foreign Affairs Islamabad. The establishment of Economic Diplomacy Division is a good decision in right direction. It should not be delayed more in view of huge rising challenges in Pakistan’s economy in future. After the CPEC become full operational, the economic and trade opportunities will increase immensely. For that time, Pakistan needs to prepare itself. Economic Diplomacy is quite different than Public Diplomacy. It has more involvement of private Businesses and related government institutions in combination with availability of quality products at comparative rates. Ministry of Foreign Affairs and Pakistan Mission Abroad have been endeavouring to attract foreign businessman and firms to invest in Pakistan or buy Pakistani goods, but their efforts mostly stalled by the concerned departments of the Country or ended up due to supply of sub- Standard products.
This is the reason that till time Pakistan’s Exports are just nominal and imports are increasing every single day. In present scenario Pakistan is importing wheat, sugar and other commodities which it use to export in the past. However, Pakistan Foreign Office is taking another huge initiative in the best interest of the Country. It must established a comprehensive network of all exporters, importer and producers of different equipment and commodities of the country. On other hand, Economic Diplomacy Wing at mission abroad can use mission websites for projection of Pakistan exports in the host country besides necessary coordination with their business community. For attracting foreign direct investment (FDI) Pakistan needs to remove all prior investment barriers and impose only monitoring through relevant Quarters. For successful Economic Diplomacy, all relevant government institutions must play their active role to achieve this collective goal.
