Pakistan among states that will shape future of world economy


NBP president gets Kamyab Pakistan shield

KARACHI: National Bank of Pakistan (NBP) President Syed Ali Raza has said that Pakistan is among the 15 countries that would shape the future of world economy because of its geographical location, huge market of 160 million people, human and natural resources.

He said this on the occasion of receiving the fourth annual Kamyab Pakistan shield from the Jang, The News and Geo Television at a ceremony organised at a local hotel on Monday.

Kamyab Pakistan shield honours Pakistanis for extraordinary achievements in their career. It is a part of an initiative taken by the Jang Group to honour role models and successful people from Pakistan.

Raza, who is the son of famous civil servant of Pakistan, Syed Hashim Raza, has been awarded Sitara-e-Imtiaz and many other awards during his career. His father was the first commissioner of Karachi. One of his uncles was the first inspector general of police and other was the first auditor general of Pakistan.

Talking about his banking career Raza said that after the completion of his degree from London School of Economics, he had not decided to choose banking sector. But, later the Bank of America provided him the right platform to start his career in the financial sector.

He further said that financial institutions were some of the top beneficiaries of wave of globalisation and especially Citibank and the Bank of America made the most of the global change.

He said that he worked in Bank of America for 23 years before coming to Pakistan and when he left Bank of America in 1999, banks from 28 countries were reporting to him.

He also spoke about his initial difficulties when he took over NBP. He said that before bringing any change in the bank he went to different cities of Pakistan and took couple of months to find out the lacunas in the structure of bank.

The two major results were devoted employees and bad structure of the bank. For structure, I simply dismantled virtually three decision-making layers to end the bureaucratic structure and on the employees front we provide training and appreciate their endeavours.

“At present we have braches in 27 countries around the world and now we are opening NBP branches in Central Asia and South Asia to cater to the growing potential of these regions,” he said, adding that NBP is now a true multinational corporation.

He stressed upon the need of think tanks and research houses in Pakistan to exploit the true potential of human resource of the country and said that if central bank of Pakistan and planning commission bring some projects in this, NBP would support any such initiative. He termed energy as the biggest problem for businesses in Pakistan and said that if power crisis is solved early and if interest rates come down, the economy and financial sector of the country will retain the previous high growth rate.

He was of the view that instability of Pakistan is in no ones interest and the world cannot afford an unstable Pakistan. “Pakistan is the best destination to invest these days because in next three to four years investment would be very expensive in Pakistan,” he observed.

“Why do we wait for the government to come and help us? Why don’t we talk about our responsibilities along with our rights?” he asked adding that govt is intended to promote private sector and public sector programs posing good opportunities for our youth in many other sectors other than financial sector in Pakistan. “Our past may be grim, but our future is bright,” he said firmly.

Mehmood Sham, Editor Jang newspaper while referring to his achievements said that it is reassuring to know that the family that created Pakistan is now working for the future of Pakistan.

Shahrukh Hasan, Group Managing Director of Jang Group of Newspapers and Imran Aslam, President of Geo Television were also present on the occasion.

Courtesy: The News

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