LAHORE: Former president of SAARC Chamber of Commerce and Industry Iftikhar Ali Malik has said that prioritizing a “lean economy” in Pakistan is essential for economic growth, gender equality and social welfare in the country.
Speaking to a business delegation led by Muslim Khan Buneri here on Sunday, he said that by investing in care services and infrastructure, the country could tap the full potential of its population and ensure a fairer and more prosperous future for all.
Malik said a frugal economy promotes social cohesion and well-being. Affordable and high-quality care services can reduce inequality, improve health services and improve the quality of life for all sections of society. In a country like Pakistan, where social safety nets are often inadequate, building a lean economy is vital to ensuring a more inclusive and resilient society, he argues.
Malik said a lean economy approach can help address Pakistan’s demographic problems. As the population grows and life expectancy increases, the demand for nursing services increases. Developing a robust care infrastructure can not only provide essential services to the elderly and children, but also create millions of jobs, thereby reducing unemployment and underemployment. This shift can stimulate economic growth and improve social welfare. He said that in Pakistan, women’s labor force participation is significantly lower than men’s, mainly due to their disproportionate share of unpaid care work. By supporting care services, the government can help women balance their work and family responsibilities, leading to higher female labor force participation. He said this not only empowers women but also contributes to economic development as a diverse workforce is known to be a driver of innovation and productivity. .
