SHENZHEN: Pakistan’s Prime Minister Shahbaz Sharif has said that he is visiting China not for loans but for business and development. He was addressing the China-Pakistan Business Forum in Shenzhen, China. The Prime Minister said that Pakistan is taking major steps to overcome the issue of corruption in the country. Shehbaz Sharif said that a business council has been set up to ease business in Pakistan. He termed China’s Belt and Road Initiative (BRI) as a guarantee of development.
The Prime Minister also expressed deep sorrow over the incident of the killing of Chinese citizens in Pakistan. He vowed that they would ensure the security of Chinese citizens in Pakistan.
Pakistan’s Prime Minister Shehbaz Sharif has said that they should forget the past and move forward. Prime Minister Shehbaz Sharif said that they can achieve a lot “if we learn from the past”. He added that they have gathered here for the purpose of consultation. The Prime Minister said that the development of China is an example for Pakistan. He added that they should also learn from Shenzhen’s progress and development.
Speaking on the occasion, Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar said the Chinese companies will be fully facilitated to set up their businesses in Pakistan on a fast track basis. He mentioned that the Special Investment Facilitation Council (SIFC) has been established with the purpose of facilitating investors and businesses. He pointed out that labor cost is competitive in Pakistan.
Pakistan’s Finance Minister Muhammad Aurangzeb has said that all macroeconomic indicators are moving in the right direction with a positive trajectory in the country.
Aurangzeb said under Prime Minister Shehbaz Sharif’s direction, the government is pursuing the home-grown agenda for the economic revival of the country. He said as part of this homegrown agenda, markets and not the government are going to anchor our economy.
The Minister said the Agriculture GDP growth during the current fiscal year remained at 6.25 percent, which is really bright. He said on the fiscal side, we have a primary surplus, which reflects fiscal consolidation and fiscal discipline. He said remittances have grown and exports have moved up in all sectors including textile, agriculture and Information Technology.
Muhammad Aurangzeb said the government will keep on focusing on information technology, and agriculture as these sectors will be real leaders of growth in the future.
The Minister said our current account deficit is going to be less than a billion dollars during this fiscal year and our currency has been stable over the last few months due to administrative measures and structural changes. He said our foreign reserves are over nine billion dollars.
Muhammad Aurangzeb said the government is committed to ensuring the provision of policy framework and policy continuity for encouraging foreign investment. He said we are also pursuing a policy for SOE reforms and accelerating the privatization agenda.
The Minister said we are implementing the Road to Market approach which includes Export-led Growth, Foreign Direct Investment in terms of G2G and B2B and Access to International Capital Market, as its main pillars.
The Minister said the government wants to go in with Pakistan’s inaugural Panda Bond during the next fiscal year to attract the Chinese capital market, which is the second largest and deepest market in the world.
Participated in Pak-China Business Forum in Shenzhen where I joined top business executives from both China and Pakistan.
Highlighted bilateral trade and investment potential, esp. in key sectors e.g. transfer of Chinese technology, industry & partnership in IT, agriculture,… pic.twitter.com/h01oVXNtvG
— Shehbaz Sharif (@CMShehbaz) June 5, 2024
