The American Business Forum (ABF) welcomes Governor State Bank of Pakistan, Dr. Reza Baqir

The American Business Forum (ABF) welcomed Dr. Reza Baqir, Governor State Bank of Pakistan at a dinner meeting on Sunday, 15th December 2019. Dr. Baqir is an esteemed economist and has held office at the State Bank since May 2019. The evening began with formal introductions by ABF members and a welcome to the honorable chief guest. During his talk, Dr. Baqir presented three main points to ABF members including the economic challenges faced by the country , the successes so far, and strategic priorities going forward. Dr. Baqir expressed optimism that the economy has begun showing signs of a turnaround, and will continue to yield improvements for the country.

A document was shared that enlightened ABF members to the fact that Pakistan is one of six countries with an export-to-GDP ratio of less than 10%, reflecting the potential of exports to grow given a conducive environment. He mentioned that the SBP will continue to focus on supporting export-led growth, financial inclusion and improving the savings rate of the country, which is also among the lowest in the world. Dr. Baqir stated that comparisons between Egypt’s and Pakistan’s economies were not valid vis-à-vis exchange rate and inflation, since the two cases were not similar. Later, a Q&A session brought forth issues faced by the American Business Community in the fields of remittances, corporate income tax and policy shifts. Dr. Baqir and ABF mutually agreed to incorporate all relevant and helpful suggestions into a working paper going forward.