Imran urges D8 states to mobilise resources for tackling Covid effects

PM stresses concrete steps for expanding intra-D8 trade by 2030 / Says Pakistan pursuing various programmes for youth development

ISLAMABAD: Prime Minister Imran Khan on Thursday urged the D8 countries to mobilise resources to tackle the economic and health costs of the coronavirus pandemic.

While virtually addressing the 10th D8 summit in Dhaka, he said that harnessing technology, promoting innovation and investing in youth education, skills and training was an urgent imperative.

This year’s theme of the conference was “Partnership for a Transformative World: Harnessing the Power of Youth and Technology.”

He told the summit that Pakistan was pursuing initiatives and programmes such as Kamyab Naujawan, Hunarmand Pakistan, youth entrepreneurship scheme and Digital Pakistan.

The prime minister said that because of the inter-connectedness of the countries and economic, social and environmental vulnerabilities created by this interconnectedness, the coronavirus pandemic had caused death of over 2.9 million people and more than 250 million people had become unemployed and trillions of dollars were lost as a result of the global economic contraction.

The prime minister said that the coronavirus had taken a heavy toll on poor countries and also inequality had been accentuated within the countries and between the rich and poor countries. The developing countries were not only faced with the dilemma of saving their citizens from the deadly virus but they also have to save people from hunger, he observed.

He said that today the world boasted the largest number of young people in history. Even before the pandemic struck, one fifth of youth in the world was unemployed and did not have the education and skills to equip themselves for the 21st century, he remarked.

“We have 550 million youth population in the D8 countries. Our youth not only has the potential to optimize opportunities, but they can also help overcome the present challenges.”

He said that the developing countries had young entrepreneurs, business innovators, technology pioneers, educators, artists and journalists and “we must create opportunities for this predominant component of the population”.

PM Imran said that the pace of change in the world had intensified and the rate of change had become exponential.

Innovation and breakthroughs in technology, he said, were transforming the science fiction of yesterday into reality of today. Only five years ago, the World Economic Forum (WEF) had predicted that the Fourth Industrial Revolution “will fundamentally alter the way we live, work, and relate to one another”.

The prime minister noted that contemporary global challenges of a changing world were a moving target. “No single country can address these complexities in isolation. Partnerships are essential.”

He expressed happiness that the D8 countries had a platform to work together for mutual benefit and win-win solutions.

“The D8 will do well to pay special attention by following specific areas while dealing with the rapidly transforming world.”

First, as the net producer of global commodities, the D8 must conceive projects that harness technology for supply side improvements with special emphasis on efficiency and productivity, he said.

He said that with cost of transportation and communications improving due to innovations, the D8 must partner to keep pace with logistics and global supply chains.

Secondly, the D8 should brainstorm ideas to insulate its members from disruptions in the labour markets due to technology and innovations, he continued.

PM Imran said that as the automation substituted for labour across the world, the labour intensive economies of D8 faced challenges of unemployment and social disruption.

He said that the D8 countries should ask that the coronavirus vaccine should be treated as a global public good to ensure equity, affordability, enhanced production and timely supply to save lives.

“We must push back against vaccine nationalism and undue export restrictions. The global vaccine manufacturing companies must speed up production and share their technology and expertise with the developing countries for adequate vaccine supply.”

He said that 23 years ago, a shared vision motivated “our countries to establish D8 to improve their position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision making at international level, and improve living standards”.

Today, he said, D8 was a grouping of over one billion people with a combined GDP of four trillion dollars. “We possess two essential pre-requisites for growth, including resources and enterprising people.”

He proposed five steps to supplement efforts of D8 during the present testing times. “We must mobilise finances and resources to recover robustly from the economic and health crises induced by coronavirus pandemic,” he added.

He said that in order to address the unique financial and economic crises faced by developing countries as a result of the pandemic, he had suggested a five-point plan, including debt relief, creation and re-distribution of special drawing rights, mobilisation of climate finance, elimination of illicit financial flows and return of stolen assets to the developing countries.

He had called for a global initiative on debt relief last April, he added.

The prime minister invited the leadership of D8 countries to consider his five points and join in advocacy for the Covid-19 related relief measures.

He said that the D8 must take concrete actions for expanding intra D8 trade from currently around $100 billion to $500 billion by the year 2030.

It should include measures like simplification of border procedures, enhancing of institutional linkages and operationalising new initiatives, he added.

PM Imran welcomed ideas like D8 payment card, which would enable transactions in local currency.

He urged the D-8 to develop a “Youth Engagement Strategy” focused on promoting cultural, educational, and scientific and business exchanges.

“Linkages should be established between educational institutions through scholarships, skills development, trainings, fellowships, joint research, and exchange programmes for the youth, particularly in the field of science, technology and innovation.”

He said that the technological development was a gateway to economic prosperity, particularly in the post-pandemic period when reliance on technology would be greater than ever before in human history.

“To remain competitive, we must promote knowledge-based economies, increase expenditure on research and development, and focus on rapid digitalization. Pakistan has recently hosted the inaugural meeting of the D-8 Network of Pioneers for Research and Innovation (NPRI).”

He underlined the need for making D-8 more relevant to the lives of its citizens by promoting food security, enhancing cooperation in health, holding joint sports events and helping each other during natural disasters.

“To achieve these goals, we need high level of commitment and mobilisation of financial resources by both developed and developing economies.”

“Partnerships between governments, international financial institutions, businesses and civil society are essential to leverage technology, innovation and skills to enable every young person to have all opportunities to realise their full potential,” he concluded.

1 COMMENT

  1. In short What Imran Khan wants is $200 Billion. Even then he would not be able to manage that much money because of the kind of people around him. He is an utter disappointment.

    Imran Khan thinks that a country can run just like Shaukat Khanum Hospital and that it’s all about donations and in the Meanwhile all the Zulfi Bukharis and Khusrows of Bakhtiars can enjoy lavish parties and protocols. Immi’s Job is to lullaby the whole population.

    Shame! Utter Shame!

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