Uzair bin Farid

Pakistan should demonstrate its credentials as one of the host destinations for international expos to attract foreign investment, said an economic expert. In conversation with WealthPK, founder of the Dubai-based tech startup ‘Exponeur,’ Haider Ali Baig, said that the economic trajectory of the United Arab Emirates (UAE), particularly Dubai, is now very different compared to the time before the expo.

He said that the main motive behind hosting these expos is always to attract business leaders, thought experts, politically and economically influential people, tourists and entrepreneurs. He said that this process creates an enabling environment where exchange of ideas takes place. “Exchange of ideas is essential for continuous innovation, which ensures competitiveness on the strategic level,” he said.

“Pakistan is still learning from the experience of other countries in areas of tech-entrepreneurship. There are many examples showing that our tech start-up culture is still in its infancy,” he added. Haider referred to the bankruptcy of recent startups in Pakistan and said that the country’s system and financial structure is not geared to lend support in case there is stress on financial liquidity.

“This is the reason that we have to look for different ways to bring foreign investment into the country. One of the ways is that we attract foreign capital through means which do not fall under the ambit of traditional diplomacy,” he emphasised. “These means include expos, world forums, media campaigns, and improving the overall level of hospitality. If Pakistan can actively start arranging these events, slowly it will gain momentum and traction abroad,” he added.

Haider lamented the fact that there was never a coherent policy direction of the country. “Our country has always been run on ad hoc policies. They were changed or altered as soon as the new government came in,” he pointed out. Haider said that countries like China have a single-minded government that takes the pace of work very seriously in the 21^st century.

“In China, there are no bogging bureaucratic labyrinths. If something is in the national and public interest, and if it is needed immediately, then it is planned and done immediately,” he mentioned. “In Pakistan, the germination of an idea into a seed and then into a tree can take a whole lifetime,” he added. He concluded by saying that the idea of arranging expos and building a soft-image of the country through them is one of the many steps that are needed to reverse the downward spiral of Pakistan’s economy.

Credit: Independent News Pakistan-INP