Karachi (Jan-15-2025) The Chairman of National Business Group Pakistan, the President of the Pakistan Businessmen and Intellectuals Forum, the President of All Karachi Industrial Alliance, the Chairman of the FPCCI Advisory Board, and the President and former provincial minister, Mian Zahid Hussain, said on Wednesday that strengthening key institutions is essential to increasing the pace of economic development.
He said that to empower institutions, political interference must be eliminated and the administration appointed on merit.
Mian Zahid Hussain said that increasing domestic and foreign investment is difficult without the autonomy of institutions and decisions made on merit.
Talking to the business community, the veteran business leader said there has been a long time in Pakistan’s history when governance in institutions has been lacking, decisions have not been made on merit, and political interference has been rampant.
He added that this has led to the collapse of many institutions while the performance of many others has fallen to a disappointing level.
The business leader questioned how the pace of development can increase when essential institutions are in decline.
Mian Zahid Hussain said that Pakistan is far behind its neighboring countries in terms of institutional functioning and laws, which impacts investors, the public, and the economy.
Due to unnecessary political interference, important government institutions have become burdens instead of contributing to the country’s development. To keep them functional, trillions of rupees are wasted every year.
He said that competent officers are put on the back burner, while political relations are considered more critical for promotions than ability, hard work, and honesty. Therefore, government employees and officers prefer relations over their work, which has caused a lot of harm to the country.
Respect for institutions and their decisions by politicians has become a dream, and they have considered it their duty to go to any extent for their desired results at every stage.
Mian Zahid Hussain said that many important institutions are in disrepair because key positions are given to government employees loyal to the rulers, and seniority, honesty, competence, or relevant skills are not taken into account in this regard.
The trend of giving preference to less experienced officers over experienced officers is also causing damage at the national level and deteriorating the performance of institutions.
The current Prime Minister has started appointing officers on merit in FBR and other institutions, which is commendable. Essential posts are also vacant in the Central Bank, while dependence on unverified reports of junior officers for promotion creates problems.
Mian Zahid Hussain further said that slogans and resolutions are not important for investment. Still, the stability of the private sector is fundamentally important, as it attracts domestic and foreign investors.
He noted that before investing their money, investors also consider political and economic stability, continuity in policies, capital security, and competitiveness.
He said that for sustainable development, Pakistan must implement globally recognized economic principles and governance standards and bring about fundamental changes in the governance style.
