Pakistan committed to strengthening economic ties: Prime Minister

Prime Minister Nawaz Sharif has said Pakistan is committed to strengthening economic ties with the United States. He was addressing a ceremony in connection with Pakistan-United States Economic Partnership Week in Islamabad on Monday. Nawaz Sharif said, "Our relations with the United States constitute an important component of the Pakistan's foreign policy."
He said Pak-US relations from the last six decades were robust and wide-ranging. The Prime Minister said Pakistan offered huge opportunities of investment in different sectors and the environment was also favourable for the investors. He said world financial institutions had indicated that Pakistan would make economic progress during coming years. He said democracy was strengthening while judiciary and media were functioning in the country independently.
The PM said Pakistan had achieved the economic gains in the face of grave challenges of energy shortages and violent extremism. He said the government attached the highest priority to the energy sector, adding US was a valuable partner in Pakistan's quest for energy security.
The PM said more than 1,700 megawatts had already been added to the national grid while work was in progress on several major hydropower and hydrocarbon projects and expressed the hope that it would relieve energy shortages substantially by the end of 2017. About his government's determination to root out menace of terrorism, he said despite the escalating human and economic costs, the resolve to fight violent extremism was ironclad. He said the modern and progressive Pakistan envisioned by Quaid-e-Azam Muhammad Ali Jinnah could not be realised without decisively defeating that menace.
"A broad-based, stable and enduring Pak-US partnership - founded on the principles of mutual respect and mutual interest - is of paramount importance," he added. He urged the participants from both countries to avail the opportunity towards creating important business linkages and working towards the mutual goal of enhanced trade and investment partnership. Nawaz Sharif said the Economic Partnership Week reaffirmed the commitment that President Obama and he had made during his visit to Washington in October 2013. "It is the commitment of two democracies to deepen our economic engagement by expanding trade and investment," he added.
He said the common commitment to an expanding role for private sector-led growth and job-creation provided a wealth of opportunities for growing trade and investment between the two countries. He was delighted to note that these opportunities were being seized with the support and encouragement of both governments, he added.
Appreciating the presence of US Secretary of Commerce Penny Pritzker, he said it had boosted confidence of businesses and investors from the United States and Pakistan to contribute to the shared prosperity. Referring to the Pak-US ties, the Prime Minister said relations with the United States constituted an important element of Pakistan's foreign policy.
The relationship spanning more than six decades was robust and wide ranging, he said, adding "Over the past 68 years, our two nations have travelled a long distance together - as friends and allies in defence of freedom and in pursuit of international peace and security. Besides shared history, we are bound by a shared commitment to democracy."
About his government's priorities, the Prime Minister said the economic revival had been an important pillar in policy strategy of his government that was elected in May 2013.
He said over the past two years, Pakistan's economy had turned the corner and made significant progress. According to economic forecasts by international financial institutions, it could look forward to steady growth in the coming years. Moody's had raised the economic outlook of Pakistan from negative to positive, he added. He said democracy registered significant achievements in Pakistan, not least the first peaceful, constitutional transfer of power between two elected governments in May 2013.
"The institutions and traditions of our democracy are evolving positively. Elected legislatures in the Centre and the provinces are asserting their primacy. The judiciary is independent. The media is free. There is lively dissent and wide-ranging debate on public issues," he added.
He further told the participants from the US that democracy in Pakistan was strengthened by the energy of market that created growth and employment, and the freedom of the marketplace could not be preserved except through constitutional and democratic politics. Speaking on this occasion, the US Secretary of Commerce Penny Pritzker said US was committed to work with Pakistan as a partner and friend in different sectors. She said that a stable, peaceful and prosperous Pakistan was in the best interest of the United States. She said United States was ready to cooperate with Pakistan in the energy, security and trade sectors. She said Pakistan had been a strong ally of the United States in the fight against terrorism and has rendered matchless sacrifices in this regard.