Korea's development miracle offers many lessons for Pakistan, Ahsan Iqbal

Federal Minister for Planning, Development, and Reform Ahsan Iqbal  said that South Korea's development miracle offers many lessons for Pakistan. South Korea per capita  GDP in 1960 was barely $80 and in 2012 it exceeded $20,000, similarly it's exports increased from $ 55 million in 1960 to $560 billion in 2013, whereas Pakistan's exports increased from $ 200 million in 1960 to $ 25 billion by 2013. South Korea transformed itself from least developed status to a developed country status within one generation lifetime." He was speaking after receiving South Korean Prime Minister Jung Hong Won at Noor Khan base, Islamabad, who arrived on a four day visit of Pakistan, the first visit of Korean Premier in 31 years.

Prof. Iqbal said," the success of South Korea is a result of political stability, sound economic agenda, strong emphasis on education and human resource development, export led growth strategy, and strong collaboration between government, private sector, and research institutions. Pakistan has suffered due to political instability of past, mismanagement, and wrong economic priorities. The government has chalked out an agenda to transform economy into knowledge based and make human resource development top most priority in development plans. Public sector reform holds key to success of reforms and plans as present state of public sector is in shambles. A new performance based culture and focus on professionalism is being introduced in the public sector to steer performance and better implementation. There are many opportunities for international investors in Pakistan and projects relating to energy and infrastructure are attracting investors from all over the world due to credibility of PMLN government."