and enjoy low wage costs and low raw material costs. Pakistan, for example, has invested $ to 4 billion during the past five years to modernize and acquire state-of-the-art machinery that can produce quality goods according to the varying specifications and changing demand patterns of the buyers.
It has therefore become critically important that macro-prudential surveillance is continuously updated in line with the evolving nature of the securities market, in order to safeguard its integrity and efficiency. Ladies and gentlemen, you will all agree that we are living in a time where the world is becoming rapidly smaller due to technological change.