ISLAMABAD: Finance Minister Ishaq Dar has announced that the country will get rid of loadshedding by March 2018 and said that subsequently the nation will have surplus electricity.

“We are not working for our tenure only; it is the responsibility of all political parties to work for the future of the country,” he said.

Take a look: Loadshedding won't end by 2020: Nepra

Addressing a seminar titled ‘Economic Develop­ment and National Cohesion’ organised by the Embassy of South Korea and the Institute for Policy Reforms on Tuesday, the minister lauded what he called achievements of the PML-N government and claimed that his party was gradually and steadily implementing its manifesto.

“There has been considerable improvement in the security situation, energy supply and providing education and health services to the masses,” he said.

That was why, he added, that international rating agencies had upgraded the status of Pakistan.

Also read: More electricity, less loadshedding promised

Mr Dar said there could be no foreign direct investment in the country without a stable security situation, energy security and high foreign exchange reserves.

“Having touched the (low) level of less than $8 billion in Feb 2014, the country’s reserves have continued to grow because of the government’s serious efforts and have now reached over $20bn,” he said, adding that it was a misconception that the reserves were the result of IMF funding.

Speaking on the occasion, Dr Jwa Sung Mee, a top South Korean economist, highlighted the economic growth model of his country and said it was based on strict implementation of the country’s long-term policies and its adaptability to global market trends.

Giving credit to Park Chung-hee, South Korea’s president and military general from 1961 till his assassination in 1979, for modernisation and development of his country, the economist said the progress made was the result of a simple policy adopted by the late leader: “Do good --- get reward, do bad --- no reward”.

“While political influence was banned from economic affairs, South Korea followed an (ambitious) export promotion policy despite having limited human and natural resources,” he said. The targets were not set at mediocre levels.

He said that policies adopted by the late leader were aimed to encourage science and technology and that too at superior levels. Small and medium enterprises (SMEs) were also encouraged to export top quality products.

“Under the economic policy at the time, only the best performing South Korean exporters were allowed entry into certain sectors,” he added.

The South Korean expert said his country’s companies now known as giants in world business started off as SMEs.

“The government’s policy relating to modernisation of rural areas was aimed to encourage productivity,” he said, adding that a policy adopted by the late president was: “Help yourself and get the government’s help too; perform poorly and no support from the government.”

“As a result of these measures, social development policy turned into a growth policy,” he added.

Addressing the seminar, Dr Lee Tai Hwan, a top political analyst of South Korea, said that North Korea was like a black hole.

He said that North Korea’s quest for obtaining nuclear weapons could lead to a catastrophe for the entire region.

“If North Korea is able to obtain nuclear weapons then Japan too will go for the same and eventually South Korea will be in an arms race,” he said.

Know more: Loadshedding to end by 2017: PM

He said that economic conditions in North Korea were not good and even countries like Russia and China, its traditional allies, did not want to see a nuclear arms race in the region.

“All these indications mean that reunification of the two Koreas is inevitable in a decade or two,” he said, adding that “it will never be South Korea buying North Korea; rather it has to be a shared development programme for the two countries”.

Published in Dawn, October 14th , 2015

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