Due to continuity of sound economic policies of the government, Pakistan has shown extraordinary improvement in economic progress, developing infrastructure, creating an investment friendly environment and increasing exports in last five years, Minister of State for Information and Broadcasting Tariq Azim here on Saturday said.
He was speaking at a curtain-raising ceremony of Muslim Big Business and Investment Gala 2007 commencing from February 10 at Expo Center, Karachi. Chairman Board of Investment (BoI) Dr Arif Elahi, Sindh Adviser for Information, Salahuddin Haider, President E-commerce Gateway Pakistan Dr Khursheed Ishaq, members of Karachi Chamber of Commerce and Industries and others were also present.
Tariq said that Pakistan enjoyed record breaking economic performance in financial year 2005 as its economic growth at 8.6 percent surpassed the average economic growth of 8.2 percent, recorded for emerging Asia.
He said that aggregate demand pressures were at all time high as the per capita income grew and public had easy access to low interest credit for almost four years in a row.
He said that Pakistan's growth had trickled down as the poverty head count ratio declined to 25.4 percent in financial year 2005 and the unemployment rate also declined to 6.2 percent in the same period. In current financial year despite losses caused by disastrous earthquakes, Pakistan registered GDP growth of 6.6 percent, while per capita income grew by 14.2 percent.
Congratulating BoI and E-commerce Gateway Pakistan for organising this business gala he said that it was indeed very welcome step as a follow up of the initiatives of President Musharraf to project Pakistan as an enlightened moderate country. Pakistan had now become one of the most attractive emerging economic countries of the world with Karachi, the hub of business activity and largest metropolis of Pakistan, he added.
Tariq hoped that businessmen attending the festival would not be disappointed, as there were opportunities and considerable ease with which one could do business in Pakistan due to reforms introduced by government for foreign investors. World Bank had also declared Pakistan as the top reformer in the South Asian region and now was included in top ten reformers globally, he said. Strategically and geographically, Pakistan was in a position to play an important role for developing trade and business within and among Muslim countries, South and Central Asian countries, Europe and other countries of the region, minister said.
Minister said that the long-term vision of government was to focus on good governance and regulation besides providing an enable environment for generation of investment opportunities in the country to harness the private sector as the engine of growth of economy.
He said that economic growth was the most important tool for fighting poverty and unemployment. Chairman BoI Dr Arif Elahi, President E-commerce Gateway Pakistan DR Khursheed Ishaque and Sindh Advisor for Information Salahuddin Haider also spoke.