ISLAMABAD: Federal Minister for Petroleum, Dr Musadik Malik on Friday said the government achieved remarkable economic progress, with key indicators demonstrating a positive trajectory.
In a press conference, the minister said Foreign Direct Investment (FDI) surged by a substantial 55 percent, while remittances from overseas Pakistanis have increased by 44 per cent. These gains are attributed to the government’s successful efforts to create a conducive environment for investors, he maintained.
The significant rise in remittances, he said, reflects the trust and support of overseas Pakistanis in the nation’s economic growth. Prime Minister Shehbaz Sharif’s government has been instrumental in implementing policies that have boosted investor confidence and fostered economic stability, he added.
Finance Division says economy indicating positive developments
As a result of these positive developments, he said Pakistan is poised to achieve approximately three per cent GDP growth. This growth will generate more job opportunities and improve the living standards of the population. Additionally, the minister said inflation rates have significantly decreased, with food inflation dropping to 1.7 per cent from 48.1 per cent and overall inflation falling to 6.7 per cent from 38 per cent.
The minister said that the government’s focus on the information technology sector has yielded promising results, attracting significant interest from international investors, adding, a large IT delegation from Saudi Arabia is scheduled to visit Pakistan, underscoring the country’s growing reputation in the tech industry.
Furthermore, he said that the country’s trade deficit has narrowed, and the stock exchange has reached new milestones, earning recognition as the most emerging market in Asia from Bloomberg. The government’s efforts to enhance the country’s economic standing have garnered increased confidence from the international community, he maintained.
The recent visit of the Malaysian prime minister and the anticipated arrival of delegations from Saudi Arabia and other countries highlight Pakistan’s growing attractiveness as an investment destination, the minister maintained.
He said that the China-Pakistan Economic Corridor (CPEC) Phase-II, focused on establishing businesses in Pakistan, has commenced, signaling the country’s potential for significant economic development, added that Russia’s expressed interest in investing in Pakistan further underscores the country’s growing appeal as a stable and prosperous economy.
In contrast, he said the opposition’s leadership of PTI has been characterised by destructive tendencies, chaos, and a politics of hate and abuse. Their actions, such as the sit-in during the Chinese president’s visit in 2014 and the recent disruptions during the Malaysian prime minister’s visit, have hindered Pakistan’s progress and sent negative messages to the international community, the minister said.
The government has called upon the opposition to prioritise national interests and engage in constructive dialogue within the Parliament, the minister said.
It is essential for the opposition to acknowledge Pakistan’s economic achievements and work together to further strengthen the country’s development, he suggested.
Copyright Business Recorder, 2024