Chinese economist slaps Pak Finance Minister over a joint session yesterday at Isb…
Stop blaming America and instead blame the Japanese and yourself
“You have to stop blaming the west for your economic woes , the Japanese have damaged your economy more than anyone else “. The Pakistani official from the finance ministry was taken aback at these words from the outspoken member of the visiting Chinese think tank .
The Chinese economist clarified his stance . “ Look , one single Japanese import has damaged Pakistan both economically and socially and that one sweet poison is the Japanese auto import “ he went on to say —-
Ask yourself what good has it done for you ? Even after 3 decades of the Suzuki ,Toyota and Honda assembly plants you can’t produce a complete car without most Japanese components. And all Japanese imports are for your consumption not for selling outside of Pakistan.
Your import is paid through foreign exchange which is very short and then you borrow from the IMF and other institutions to pay for it .
You run these vehicles on imported energy which again is paid in dollars which you don’t have and you again borrow or beg from international institutions or friendly countries . More imports means more and more imported energy needs . How can you justify this waste ,it is a very horrible way to manage Finance . How long will you beg beg and beg just to enjoy expensive cars and big vehicles
Then he touches his middle finger on his right temple and says “ change your mind set”
Understand Thrift and safe for the future . Make it extremely hard for people to buy cars and make it easy to invest in productive sectors .manufacturing ,software services , water management, modernize agriculture . Create jobs for your exporters not importers
Then he points his finger towards the Pakistani official and displeasedly says . Take examples from other countries . But don’t even try to imitate the Chinese model, your society is too broken and will fail to commit a Chinese model , it requires immense sacrifices and immense discipline .
I would suggest you to take an example of Morocco , it has the same limited resources as Pakistan. They modernized their agriculture and industry by reducing waste .
You know in two decades of automotive assemblies , they have become the biggest exporter of autos from Africa , even aerospace companies are heading towards Morocco . Their agricultural exports are found all over Europe
Shut down Toyota and Honda plants if you cannot export from them and completely stop importing expensive vehicles show the true picture of the financial disaster of these imports to your Prime minister
This verbal drubbing by the Chinese economist left the Pakistani financial guru red faced as he exited the meeting in haste and wondered what kind of summary he should prepare on this meeting for his boss , Mr Shoukat Tarin an avid lover of luxury vehicles himself