Addressing a meeting at the Faisalabad Chamber of Commerce and Industry (FCCI) on Wednesday, World Bank Equitable Growth Finance and Institutions Chief Economist William F Maloney pointed out that Pakistan possessed the potential to boost growth to 8% but still its growth rate remained around 2.3%, whereas its neighbours recorded historic growth rates of around 17%. He said that the World Bank would assist Pakistan in fully exploiting its growth potential by linking its economy with the global markets. “Faisalabad is the manufacturing hub of Pakistan, hence it should upgrade its existing industrial units with new and emerging technologies,” he stressed. “Being a port city, Karachi enjoys special status but if manufacturing capability was to be assessed, Faisalabad may occupy the first place in Pakistan,” he opined. Appreciating the World Bank for investing $5.4 billion in Pakistan, Hussain demanded that Pakistan needed a soft image and enhanced market access to stabilise its economy through exports.

Source: The Express Tribune April 25, 2019 03:33 UTC