ISLAMABAD: Prime Minister (PM) Nawaz Sharif said on Thursday that plans are underway to transform Pakistan into the world’s 20th largest economy under vision 2025.
“We are planning to transform Pakistan into the 20th largest global economy under vision 2025. Pakistan will emerge as one among 20th largest economies of the world in 2025. Pakistan is becoming attractive destination for global entrepreneurs”, he said while addressing corporate and business leaders as well as heads of 38 companies from various countries including US, UK, China and Italy.
The PM said Pakistan, with its sixth largest population in the world and 80 million middle class citizens is an attractive investment environment that no global player can miss as a destination, adding that Pakistan is on track for sustainable growth.
The premier invited global leaders to take benefit from the country’s economic revival and enjoy a first mover’s advantage.
Sharif said the China Pakistan Economic Corridor (CPEC) is a key regional initiative for connectivity and shared prosperity of nations. Apart from energy, road and rail infrastructure; industrial parks and economic zones along with a state of the art deep sea port at Gwadar, give CPEC the potential to change the destiny of people in the region and beyond.
He added that the corridor would substantially shorten transportation distances between Africa and the Middle East to Central and South Asian regions. CPEC would connect the port of Gwadar to Kashghar, he said.
The PM pointed out that when his government took over; the economy faced severe energy shortages, inflationary pressures, exchange rate volatility and a precarious security environment. Now, he added, the government had managed to stabilise the economy despite unfavourable global economic conditions.
He noted that from a three per cent gross domestic product (GDP) growth before 2013, the country is now projected to achieve 5.5% GDP growth this year. The economy is targeted to grow over 8% between 2018 and 2025 while maintaining single digit inflation.
He said, “Our national economy is progressing on a fast track basis. Your visit to Pakistan will afford new trade opportunities. Different zones are being set up in the country for foreign investment.”
“We are providing conducive environment to foreign entrepreneurs and foreign investment is on rise in the wake of vibrant economic reforms,” he remarked.
Sharif also said that the government’s reforms are multifaceted as they have reduced bank interest rates, eliminated tax exemptions to provide a level playing field, strengthened tax administration, rationalised untargeted energy subsidies and widened society safety nets.
He said we are well aware that international investors need stable markets backed by clear and consistent policies. We are committed to maintaining an enabling policy framework to attract foreign direct investment.
He highlighted that the Pakistani consumer market was growing at a very fast pace. Consumer demand for automobiles, housing and electronics was thriving and providing considerable returns to the corporate sector. The services industries, particularly telecommunication, hospitality and online retail were fast growing into attractive areas for investment.
The PM also referred to the boom in the stock exchange and noted that the PSE 100 index had recently crossed the benchmark of fifty thousand.
He also emphasised the fact that the country was working with China on a one road and one region vision, with over $55 billion investment being made under CPEC. Industrial zones, highways and basic infrastructure were being developed in the country under CPEC.
He said Gwadar and China would be linked through CPEC, adding that it would also link Central Asian states with Pakistan.
