A rising, secure Pakistan on track of sustainable growth: PM

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APP40-17 HONG KONG: May 17 – Prime Minister Muhammad Nawaz Sharif met Leading Businessmen. APP

HONG KONG, May 17 (APP): Prime Minister Muhammad Nawaz
Sharif Wednesday said Pakistan was emerging as a rising and
secure country, on the track of sustainable growth due to its
liberal investment policies.
“Today I present to you a rising, confident and secure
Pakistan – a country full of vigour to make its mark in the
world,” the Prime Minister told Hong Kong’s top businessmen
and corporate leaders at the Pakistan Investment Forum.
The event themed `One Belt, One road’ was organized by
China Innovative Finance Group Limited and Consulate General
of Pakistan.
The Prime Minister invited businessmen of Hong Kong to
invest in Pakistan and take advantage of its strategic
location, rich human and material resources, political
stability and attractive investment policy.
He said despite numerous challenges, Pakistan was
becoming an emerging economy and a destination that no global
player could afford to miss.
He said Pakistan with its sixth largest population in
the world, 80 million middle class and attractive investment
environment was a destination for investors.
He said there was no minimum requirement for the amount
of foreign equity and the investors could repatriate 100
percent profits and dividends.
The Prime Minister said the consumer market in Pakistan
was growing at a very fast pace, adding the consumer demand
for automobiles, housing and electronics was thriving and
providing considerable returns to the corporate sector.
He mentioned that the services industries particularly
telecommunication, hospitality and online-retail were fast
growing into attractive areas for investment.
The Prime Minister said from a 3 percent GDP growth
before 2013, the country was projected to achieve 5.5 percent
GDP growth this year, and 7 percent in two years.
He said Pakistan ‘s Vision 2025 served as a
comprehensive strategy for achieving sustainable growth and
mapped the country to join the top 25 economies in the world
leading to Upper Middle Income country status by 2025.

The Prime Minister said China Pakistan Economic
Corridor (CPEC) was a key regional initiative for connectivity
and shared prosperity of nations.
He said CPEC was a core component of One Belt, One Road
initiative of Chinese President Xi Jinping designed for
regional integration for peace and development.
He said Pakistan strongly favours synergizing energies
in the region to support this project and emphasized for not
indulging in negative publicity for the betterment of common
man.
Nawaz Sharif said his vision was to empower the people
through economic development.
He said CPEC had the potential of bringing improvement
in the lives of people, in addition to its projects related to
energy, road and rail infrastructure, industrial parks and
economic zones.
He said the Corridor would connect the port of Gwadar to
Kashghar and would also link the resource-rich Central Asia,
oil-rich Gulf states and Europe.
The Prime Minister said when the government took over in
2013, it faced severe challenges including energy shortages,
inflationary pressures, exchange rate volatility and a
precarious security environment. However, he said with
efficient planning, the government managed to stabilize the
economy despite unfavourable global economic conditions.
He said that the government introduced good governance
and financial discipline, entrepreneurship reforms, provided
a level-playing fields and widened social safety net, which
resulted in reinforcement of foreign exchange reserves.
He said the Karachi Stock Exchange index tripled in less
than four years and mentioned that international monetary
institutions were improving ranking of Pakistan.
He said the government realized that focusing on growth
was not enough and sustainable development was necessary, for
which pro-poor steps in social security domain had been taken.
He said Hong Kong was among the major drivers of world
economy and contributed for development of China, for which it
could always be proud of.

In a detailed presentation, Chairman Board of Investment Miftah Ismali
gave to the select gathering of businessmen and investors an overview of Pakistan’s economy with exports grown to worth $22 billion, imports of $40 billion and remittances worth $21 billion.
He said the Foreign Exchange Reserves had touched $23 billion mark and
stock exchanges surged to 53,000 points and GDP grown to 4.7 percent.
Ismail said Pakistan had a potential of 60,000 megwatts of hydel power,
340,000 MW of wind power, 184 million barrels of crude oil reserves, 26 trillion cubic feet of natural gas reserves, untapped reserves of 9 billion barrel of shale oil, 105 trillion cubic feet of shale gas and coal reserves of 175 billion tons.
He apprised the audience that Pakistan stood second in the world with
above 100 millions tons of salt reserves, third in copper with 1,352 million tons reserves, fifth in coal with 175,000 million tons reserves, and had fifth largest reserves of gold.
Besides, Pakistan was fourth largest producer of cotton, 8th in wheat,
11th in rice, 5th in milk, and 9th in meat production.
He said net foreign direct investment had increased to US$1.901 billion
during 2016 registering 30 percent growth since 2013.
He said major inflows of foreign direct investment come from China, US,
UAE, Hong Kong, UK and Italy and target for current year was $3.67 billion.
Highlighting the reforms made by the government to facilitate the investors, the Chairman said all sectors were open for investment allowing 100 percent repatriation of investment, profits and dividends.
He said special visa facilitation had been ensured for Chinese
investors, strong legal protection, and BIT, FTA and double taxation agreements with China had been signed.
A documentary highlighting the attractive features of Pakistan vis-a-vis
trade and investment and socio-economic development was also played.
Chief Executive (Head of the government) of Hong Kong Leung Chun-Ying
congratulated the Prime Minister for a very impressive speech at the Belt and Road Forum in China and expressed satisfaction that Pakistan’s support to the initiative was meant for peace, development and prosperity.
He said Pakistani community was one of the largest ethnic community in
Hong Kong and was contributing to strengthening the business and trade linkages.
He said President Xi, in his speech had said that OBOR was about peace
and innovation spanning over three continents and added that it was a multifaceted initiative to promote, culture and people- to people contact.
He said Hong Kong’s low taxation regime and a free judiciary was an
attractive place for investment and emphasized that Pakistani businessmen to take the benefit.
He said the Hong Kong Region with a total population of 66 million
offered much to look forward from Pakistanis and mentioned signing of an agreement on avoidance of double taxation between the two governments.
In his welcome address, Chairman Hong Kong Development Council Vincent
HS Lo said Pakistan made a good initiative by launching road and infrastructure projects under CPEC.
He said Hong Kong had already been partnering with several companies in
Pakistan in multiple projects of energy and roads.
Chairman Shangdong High Speed limited Sun Liang also addressed the gathering.