ICCI for investing in education to sustain economic growth

  • April 01, 2011
Pakistan is blessed with a large young population, there is a dire need to educate them to build human capital for surviving in the knowledge economy. 

At least 10 percent of country's GDP must be diverted to education, Government should focus in research-based education as any country could not excel without research, Mahfooz Elahi, President Islamabad Chamber of Commerce & Industry (ICCI) expressing these views while in a meeting with Youth Affairs Sub Committee ICCI.

To achieve growth through a well educated and skillful workforce, Government should come up with policy reforms in the education sector, he emphasized.

ICCI President cited the example of Malaysia and said that it has been spending 25 per cent of its budget for the last 30 years on education.

He was of the view that investment in education and IT is essential for Pakistan in order to sustain economic growth. Universities should give highest priority for stimulating and nurturing scientific and technical talent of students, he maintained.
Elaborating the point, he said that educational policy should be determined in collaboration with the government, universities and industry, Government efforts must be addressed to establish an industry-university cooperation, he added.

On this occasion, Vice President ICCI, Muhammad Tauseef Zaman said that Pakistan has been unable to increase the capacity of the people to face the challenge of rising growth and development because of a little expenditure in education. ICCI VP said that an increase of educational opportunities at all levels could result a rise in economic growth by creating more educated and skilled  man-power and provide employment opportunities at large scale.

As the public is educated, the crime rate and extremism would fall and good leaders will emerge in every sector, Tauseef Zaman said.

Pakistan is at the bottom of those countries list, which allocate the lowest amount of its budget for education, he suggested that the government should allocate greater amount of our total budget for education. Sustained investment in the education sector should have to take place as a matter of national priority, Mahfooz Elahi emphasized.