‘Stakeholders involvement in policy making vital for economy’

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LAHORE
Minister of State and FTO Coordinator Meher Kashif Younis has called for taking stakeholders into confidence in the policy-making decisions as it would not only helps strengthen the economy and leads to transparency but also yields tangible benefits of sustainability of policies in Pakistan.
Sharing his views in a think-tank session on ‘The impact of taking stakeholders into confidence in policy making decisions’ here Sunday, he added that stakeholders’ active involvement in policy making process would definitely assure better outcomes.
The diverse socio-economic landscape and complex governance structures necessitate a comprehensive approach that considers the perspectives of various stakeholders, including the public sector and private sector especially the chambers of commerce and elected trade bodies, he suggested.
The Coordinator said that policymakers could ensure that decisions were made in a manner that was transparent, accountable, and reflective of the needs and interests of the business community and the people, asserting that it would foster trust between the public and private sector, thus enhancing the legitimacy of policies and minimizing the risk of resistance or opposition.
He argued that different stakeholders bring diverse expertise, experiences and perspectives to the table, which could enrich the decision-making process and lead to more informed and effective policies. He said stakeholders could help build consensus and garner support for proposed initiatives.
“Once the stakeholders are taken into confidence and their concerns are addressed, they are more likely to support and cooperate with the implementation of policies, leading to smoother execution and achieving desired results”. Meher Kashif Younis added that stakeholders could improve the effectiveness and sustainability of policies by tapping into local knowledge and resources.
They have invaluable insights into the ground realities and can give their input on how policies can be tailored to better suit local contexts and needs. This bottom-up approach ensures that policies are more responsive, adaptive, and sustainable in the long run, he concluded.