The real size of Pakistani economy is $400 billion because 50 percent of it is undocumented, said Managing Director Pakistan Stock Exchange (PSX) Nadeem Naqvi. A country of 190 million, Pakistan's documented economy stands at $270 billion with 40 million growing middle class, a PSX statement quoted Naqvi as telling a gathering in Canada.
He was addressing a luncheon organised in his honour at Ontario Investment and Trade Centre by Canada Pakistan Business Council (CPBC) in partnership with Consulate General of Pakistan and Ministry of Citizenship, Immigration and International Trade, Ontario. "Pakistan is on the move and open for business," the MD said while presenting a powerful case for Pakistan as a model of growth and investment destination with tremendous business and economic opportunities. Naqvi said Pakistan's rapidly growing middle class had resulted in consumer spending growth of 20 percent per annum, double the average growth in Asia.
Terming the $47 billion China Pakistan Economic Corridor venture as a game changer for Pakistan, he said with 60 percent of the pledged investment being allocated to power projects, 40 percent would go to roads, communications and other infrastructure related projects. Pakistani rupee, he said, had maintained a stable position against the US dollar with the country's fiscal deficit declining from a high of nearly nine percent in 2102 to 4.7 percent by 2015. "Pakistan's annual GDP growth has been continuously rising from a low of 3.7 percent in 2012 and projected to hit 4.5 percent in 2016," he told the audience.
With Minister of Training, Colleges and Universities Reza Moridi gracing the event as a special guest, other participants included Dr Shafiq Qadri, MPP Parliamentary Assistant to Premier of Ontario; Asghar Ali Golo, Consul General of Pakistan; Erdeniz Sen, Consul General of Turkey and Akhil Tyagi, representing the Ministry of Citizenship, Immigration and International Trade.
Earlier, Akhil Tyagi, Area Director South Asia at the International Branch, MEDTEI opened the session while President CPBC Samir Dossal announced that the Council, partnering with Government of Punjab, had signed an MOU with the Punjab Board of Investment and Trade (PBIT).
He said 500,000 Canadians of Pakistani origin were a huge resource having made a great contribution to Ontario, Canada and Pakistan. Minister Dr Reza Moridi, lauding the active Pakistani community for its great contributions, hoped to implement an MOU for academic collaboration and research with Pakistani universities, several of them being amongst the best in the world.
Pakistani Counsel General Asghar Ali Golo highlighted the recently concluded Strategic Dialogue between Pakistan and the USA and the formation of a "Knowledge Corridor" whereby 125 Fulbright scholarships would be awarded and eventually 10,000 Pakistani students would go on exchange visits to America as part of this initiative. Jayne Pilot, Vice President of CPBC, said Pakistan was on the move and open for business.
Comments
Comments are closed.