He also didn't rule out the possibility of Waqar eventually returning to take over as head coach for a long term.
A disappointed Waqar returned home from Lahore two days back after being overlooked for the head coach position as the coaching committee and managing committee of the board opted for another former captain, Moin Khan.
But the managing committee has appointed Moin for only two tournaments, the Asia Cup and World T20 Cup in Bangladesh.
"I definitely see a role for Waqar in the near future as he can contribute a lot to Pakistan cricket as he is a dedicated and committed professional," Sethi added.
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Waqar was a frontrunner for the head coach's position.
But on Tuesday the board surprised everyone by going with Moin.
Sethi explained that the managing committee had been given two options for the head coach's position by the coaching committee that included Wasim Akram, Javed Miandad and Intikhab Alam.
"The managing committee also decided to go with Moin because we wanted to make a short-term appointment for these two events and he has the advantage of having already worked with the team manager for the past few months. The committee felt that continuity would matter a lot in a short term arrangement appointment," he said.