Dr. Ishrat Hussain, former governor of State Bank of Pakistan and advisor to the Prime Minister, has said the country is facing shortage of good economists. He said this at the launching ceremony of the BS (Economics) Program of the COMSATS Institute of Information Technology, Abbottabad campus on Monday, July 2, 2007.

He said that it was President Musharaf who laid the strategy for HEC . He increased the budget to 28 billion this year. I have worked in many different countries but I cant point out any country by whom that much commitment has been shown on education. This imposes a lot of responsibility on us and we have to use every single penny for the knowledge based economy of the country.

Dr. Ishrat Hussain added that we require 30 economists every year but for the last few year there is huge shortage of economist. From the list of 40 students we are able to pick just 14 or 15. our problem is that students memories the notes and get outstanding grades but an interviews they don't go for grades they only check your knowledge when I give 30,000 as salary I want that back in the shape of work. It is not the degree , not your grades it is your knowledge that how you solve real world problems.

He told that students in the remote areas need our more support to get educated. My emphasis would be not to do injustice with the people of backward areas. He added that I also came from the middle class family worked hard and look with the tint of the hard work I accomplished this goal. All Pakistanis deserve better lives and your aim should not be short term. You are lucky to have been admitted in this fine institution.

Learning is asking questions from your teacher, it's a two way process. It is to keep your mind open and ask questions from your teacher, get rid of the mentality that your teacher would deduct marks. This is a way you can extract the best knowledge. Its not the library, its not the computer lab, its your thinking process, if you think to challenge than this will make a knowledgeable person.

Dr. Hussain told that I have great respect for CIIT's, Rector Dr. Junaid Zaidi and Director Dr. Haroon Rahid for the excellent work they have done.

Dr. Hussain who is also the Chairman of the Higher Education Commission's National Committee on Development of Social Sciences and Humanities, said the ministry of information and technology would be asked to establish by 2010 a “ Technology Park ” on the CIIT, Abbottabad Campus.

Regarding the development of the IT sector, Dr. Hussain said the government had focused its attention on the Hazara Division for the northern areas of the NWFP, and Dera Ismail Khan, for its southern region. This would ease the pressure on Peshawar and other big cities as the government wanted to provide training facilities to all areas. Dr. Hussain was of the view that the country's talent pool needed to be expanded, particularly because the country required a knowledge based economy.

Earlier Dr. Shehla Amjad Program Coordinator BS Economics , CIIT, Abbottabad presented report on launching of BS Economics Program. She said that economics is an interesting and challenging subject that engage the students throughout their degrees and offer excellent prospects after graduation. Economics graduates consistently enjoy successful careers. Nearly every higher Education Institute gives maximum opportunity to learn and acquire abroad offers economics at undergraduate and graduate level.

Dr. Shehla elaborated that economics is about making choices about the allocation of scarce resources by evaluating costs, benefits, risks and effect on others. The constraints affecting these choices are many and varied, including income, technology, natural resources and time.

Traditionally the subject is divided into two broad categories Micro and Macro Economics. Micro Economics involves the decision of Individual agents such as firms, maximizing its profit or the household seeking to achieve the highest level of satisfaction. At the Macro-level economists look at the factors that determine total output of the economy and analyze the mechanism that generate unemployment.

She told that we at COMSATS Institute of information Technology aim to develop in students an appreciation of scope of Economics and its relevance to a wide range of issues, including social, political and other issues of public concern. Secondly develop student's knowledge and understanding of Economis concepts, approaches and analytical methods. Thirdly equips students to apply knowledge and skills to the solution of theoretical and applies problems in Economics. Forthly relate the academic study, maximum opportunity to learn and develop of economics to problems of economic policy and contemporary. And private students with a knowledge and skill base from which they can proceed to future studies, employment and self employment . The high qualified faculty provides an edge to COMSATS Atd in providing quality education in different fields of study. The faculty for BS economics program has all the competencies required to provide students maximum opportunity to learn and develop with this once again.

The Rector of COMSATS Dr.Junaid Zaidi, SI, also addressed the gathering. He said that let me just give you a short introduction, in 1998 we started our journey we were given 1 lakh rupees and a piece of paper to write what to do and what not. And by the grace of ALLAH we closed our budget with 939 million this year . for the next year our budget is 1070 million. All the developments and construction that are taking place takes almost 700 billion.

Army, for the first time has given the land to fulfill the education purpose to CIIT ATD.

Let me tell you about the faculty, you will please to know that our faculty members are graduates and masters from well known universities. We are also launching two more campuses in Sindh and Balochistan.

Lastly the Director, CIIT, Abbottabad Campus Dr. Haroon Rashid paid the vote of thanks to all participants.