According to the World Bank, Pakistan needs a growth rate of around 7-8 percent every year in order to create 2 million jobs per annum for the youth who are entering and looking for jobs in the job market. In order to create such jobs in various departments which consist of the manufacturing and Service sector Karachi one of Pakistan’s major cities has to play a vital role in order for the success of this prospect, but we have to keep in mind that so far Karachi has been neglected for a long period of time and Karachi which is also the financial and economic Hub of Pakistan generates about 12-15 percent of Pakistan’s gross domestic product which makes it eligible to supply people with loads of jobs.
The World Bank wants to play a role in guiding Pakistan to achieve this prospect and so they sent a team who visited the Karachi Chamber of Commerce and Industry (KCCI) in order to come up with ways in which they could maximize finance for Development and further on advice possible and viable options to the government.
Ms. Namoos Zaheer, who is representative of the World Bank, stated that a report shows that Karachi needs about $10 billion in financing over a 10 year period to meet the infrastructure and service-delivery demands in the urban transport, water supply and sanitation and municipal waste. Furthermore there is a threat on livability in Karachi. World Bank is so financing several service delivery projects such as the Yellow line, water project and urban management. Hence there is a need to maximize these finances in the most suitable way for the efficient development of Karachi.
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Furthermore the World Bank asked the business and the industrial community of Karachi Chamber that as we all know the Government holds up lots of land in their possession, the business community should therefore collaborate with the governance and the stated land could be used to attract investment from the private sector. Henceforth there is a need to capitalize on the private sector to achieve the objective of maximizing finances for the greater good of Pakistan while the tax GDP should be increased to at least 15 percent in order to enable the government to ensure basic needs to the citizens of Pakistan.
Moving on the President KCCI Mr. Junaid Esmail Makda came forward with the issues which will be needed to be resolved to carry out any such prospects in Karachi which include the Infrastructure requirements, tax complexities, good governance and so much more. He continued by further saying that the Infrastructure of Pakistan is deteriorating day by day and action needs to be taken to ensure the survival of the economic Hub that is Karachi. He informed that Karachi and surrounding coastal areas should therefore have large vacant land which should be used for the development of projects.
Finally he stated that “One more initiative which would help develop the city and the people would be to use a long coastal belt to develop desalination plants. This will in turn enhance the overall living conditions in the city; especially with the fast approaching water crisis this could be useful. For this to happen the Public Private Partnership model needs to be developed in a manner which would suit private investors and will in turn make them invest their funds in such projects”