Pakistan on road to economic recovery, says Aurangzeb
Business
SIFC to provide hassle-free cooperation for investment
Dar said Pakistan and Saudi Arabia enjoyed deep-rooted and time-tested relations
He said 2.5 million Pakistani diaspora in the Kingdom was contributing to its development
He recalled that in 2017, the country was on road to join the G20 but was derailed due to COVID pandemic
ISLAMABAD (Dunya News) - Federal Minister for Finance Muhammad Aurangzeb says Saudi Arabia’s private sector will make investments in Pakistan.
Addressing the Pak-Saudi Arab Business Forum event, the finance minister said Pakistan was on the track of economic development and stability.
He welcomed the Saudi investors in Pakistan and hailed their investment decision. He said work on Reko Diq would begin soon.
PAKISTAN GAINS ECONOMIC STABILITY
Pakistan has been witnessing continuous economic stability under the leadership of PM Shehbaz Sharif for the last one year and reaping the benefits of a stable economy.
Aurangzeb asserted that Pakistan saw reduction in current account deficit, decrease in inflation and stability in rupee besides surge in foreign exchange reserves.
Reduction in interest rate was expected to restore economic activities, the minister said.
He said the government was committed to undertaking economic reforms and microeconomic stability. These measures would promote sustainable growth and tax reforms that would led to a better position on the economic front, he added.
The government wasn’t supposed to do business but to provide facilities and conducive environment for business. Economy would grow in partnership with the private sector, he said.
SAUDI ARABIA TO INVEST IN IT, AGRICULTURE, MINING SECTORS
Earlier, Federal Minister for Commerce Jam Kamal stated that Pakistan was a pivotal investment and trade partner for Saudi Arabia having multiple opportunities for investment.
Saudi Arabia would invest in agriculture, mining and IT sectors and the business forum would boost investment in various sectors, he said.
He welcomed the Saudi investors and hailed Saudi Crown Prince's Vision 2030 that would promote and further strengthen trade between both countries.
Musadik Malik stressed the need for introduction of business models and reiterated the need to provide complete support to Saudi investors through the Special Investment Facilitation Council (SIFC).
PAKISTAN'S TOURISM SECTOR HAS POTENTIAL
Saudi Arabia could reap benefits from the tourism sector in Pakistan having ample amount of opportunities, the petroleum minister emphasised.
Pakistan, Saudi Arabia Business Forum is all set to create investment and trade agreements, he added.
ISHAQ DAR
Deputy Prime Minister and Foreign Minister 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.
Dar 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.
