Prime Minister Shaukat Aziz said the successful implementation of wide ranging structural reforms and supportive macroeconomic policies have transformed Pakistan's economy into a stable and resurgent one. It was because of the policies and reforms, he said, Pakistan's economy has become one of the fast growing economies in Asia.
The Prime Minister was talking to a delegation of British Telecom and Saigol Group, who called on him and signed a memorandum of understanding (MoU) on Sunday.
While referring to economic growth in Pakistan, the Prime Minister said that because of a reform agenda based on deregulation, liberalisation and privatisation, Pakistan has attracted record amount of foreign investment of US $8.4 billion in 2006-07. He said the economy of the country is growing at an impressive rate of 6-8 percent per year, the middle class is expanding and poverty as well as unemployment is reducing.
The Prime Minister said structural reforms in many sectors including banking, capital markets, energy, power and telecom have attracted investment, created jobs and provided better quality services. Pakistan's attractive demographics with 60 percent young population is a very attractive feature for the long term investors, he added. Out of the total population of 160 million, he said, 100 million people are below the age of 25 thus creating future economic activity and opportunity.
Shaukat Aziz said that after having gained economic strength the government is now in a position to transfer the benefits of economic growth to the people and as a result there has been a visible improvement in the living standards of the people. He said per capita income has been doubled and all human development indicators are positive.
While referring to the progress made in telecommunication sector, the Prime Minister said Pakistan has become a hub of activity for international and local telecom companies and unprecedented amount of foreign investment flowed into the sector due the well thought out telecom policy, which was prepared after intensive discussions and debates involving all stakeholders.
He said telecom is one of the fastest growing sectors of the country where combined teledensity has increased from 4 percent to about 44 percent of the population. The number of subscribers has increased form 8 million in 2003 to over 62 million in 2007 and the market has the potential to reach 80 million in the next couple of years, he added.
He further said that the telecom sector has become a major employer of skilled jobs as its exponential growth has resulted in creation of 80,000 jobs directly and 500,000 jobs indirectly.
Shaukat Aziz while appreciating the signing of MoU between British Telecom and Siagols (Pvt) Ltd, said that this will bring international expertise to the country and capitalise on various opportunities in the field of media comprising television, radio and internet/satellite services in Pakistan.
The Prime Minister also appreciated the contribution made by the British Telecom during October 2005 earthquake for restoration of telecom services by rendering help to SCO for telecom services besides providing satellite PCOs services.
While briefing about the credentials of British Telecom (BT), Paul Falkner, Director General BT Global Services said that BT is a London based telecom service provider company doing business in retail and wholesale local, national and international telecommunications products and services.
He said that BT is highly encouraged by Pakistan 's structural reforms and investment friendly policies and are planning to invest more in Pakistan. He said memorandum of understanding (MoU) signed between BT and Saigol (Pvt) Ltd marks a new era in networked IT services, telecommunication services and higher-value broadband/internet product and services and it will benefit the people of Pakistan.