Lahore: SAARC Chamber of Commerce and Industry former president Iftikhar Ali Malik has said prioritising a ‘caring economy’ in Pakistan is essential for economic growth, gender equality, social well-being in the country.
Talking to a trade delegation, led by Muslim Khan Buneri here on Sunday, he said by investing in care services and infrastructure, the country could harness the full potential of its population, ensuring a more equitable and prosperous future for all.
Malik said a caring economy fosters social cohesion and well-being. Accessible and high-quality care services can reduce inequality, improve health services, and enhance the quality of life for all strata of society. In a country like Pakistan, where social safety nets are often inadequate, building a caring economy is vital for ensuring a more inclusive and resilient society, he maintained.
Malik said the caring economy approach can help address Pakistan’s demographic challenges. With a growing population and increasing life expectancy, the
demand for care services is set to rise. 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 enhance social welfare.
He said in Pakistan, women’s labour force participation is significantly lower than men’s, largely 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 participation in the workforce.He said this not only empowers women but also contributes to economic development, as diverse workforces are known to drive innovation and productivity.