A prominent business tycoon in Pakistan has emphasized the need for the country to reset its ties with India in order to address its economic challenges. Mian Muhammad Mansha, Chairman of Nishat Group, one of Pakistan’s largest and diversified business conglomerates, has advocated for the resumption of trade and economic relations with India while promoting people-to-people contact.
Mansha believes that trade with India would unlock numerous business opportunities for Pakistan. Drawing a comparison with China, he highlighted how China maintains vibrant trade and business ties with India despite territorial disputes. Mansha expressed the view that having good relations with neighboring countries is essential, as neighbors cannot be changed.
He also pointed out that India’s prudent economic and policy decisions have enabled it to seek financial assistance from the International Monetary Fund (IMF) only once, without the need for subsequent programs. Mansha cited India’s implementation of tough reforms to attract investment, which has resulted in foreign companies flocking to the country.
Mansha stressed the importance of overhauling Pakistan’s regulatory system and implementing structural changes to address the economic crisis. He emphasized the need to create a business-friendly environment that attracts both foreign and domestic investors.
This is not the first time Mansha has advocated for resetting ties with India. He has previously stated that Pakistan should adopt a regional approach to economic development, citing examples of peace and regional cooperation in Europe after two world wars.
While bilateral trade between India and Pakistan has never been substantial, it has remained suspended since 2019 following the revocation of Article 370. In contrast, India has continued trade and economic activities with China despite a tense border standoff. Mansha’s viewpoint aligns with those policymakers in Pakistan who believe that the country should move beyond the Kashmir issue and pursue pragmatic policy decisions to bolster the economy.
With Pakistan’s hopes of resuming the $6.5 billion IMF loan program dwindling and the country facing the risk of default, it is likely to seek assistance from China and other friendly nations to mitigate the economic challenges it faces.
