ISLAMABAD (APP) - Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar on Thursday citing the government’s efforts for economic stability and existing huge potential for investment, said that the country’s economy had been put on the road to sustainable growth to achieve the dream of joining the G20 club as soon as possible.
The deputy prime minister, in his keynote address at the Pakistan-Saudi Business Forum held here, recalled that in 2017, the country had achieved the status of top 24th economy with 4% inflation, below 2% food inflation, 6% GDP, and highest foreign reserves, pursuing its journey to join the G20 which was derailed due to COVID pandemic and certain internal and external factors.
The Pakistan-Saudi Business Forum was held as a high-level Saudi delegation led by Minister for Investment Engineer Khalid Bin Abdulaziz Al-Falih is on a three-day visit to Pakistan comprising representatives from a wide spectrum of government agencies and private sector entities.
The visit is aimed at exploring investment opportunities and signing Memorandums of Understanding (MOUs) across a variety of sectors. Ishaq Dra said that Pakistan and Saudi Arabia enjoyed deep-rooted and time-tested relations, marked by shared history, faith and values.
He thanked the Saudi leadership for unwavering support to Pakistan on multiple occasions, particularly during the recent economic challenges and reiterated that Pakistan was committed to the sovereignty and integrity of the Kingdom and stood shoulder to shoulder with it through thick and thin.
He said that 2.5 million Pakistani diaspora in the Kingdom was contributing to the Saudi development and Pakistan’s foreign remittances. Calling it a “pivotal moment” in the history of bilateral ties, the deputy prime minister said the delegation’s visit manifested the shared vision and enduring partnership between the two countries.
He apprised the gathering that the incumbent government was making untiring efforts to bring in economic stability, through reforms, widening the tax base, enhancing productivity and competition, and promoting private sector investment besides carrying out the privatization of state-owned enterprises.
Moreover, the government was also coming up with an IMF-backed home-grown economy program to regain macroeconomic stability.
He said the difficult and unpopular decisions made by the government were yielding positive results as economic indicators were in the right direction showing reduced inflation, narrowing current account deficit and improved rating making Pakistan more attractive for foreign investment, and building a stronger, more stable economy for the future.
The deputy prime minister underscored Pakistan’s potential in sectors such as mining, information technology, agriculture, and renewable energy, inviting Saudi investors to participate in these lucrative opportunities.
He expressed confidence that the engagements during this visit would lead to tangible outcomes, further strengthening the economic partnership between the two countries.