Pak economy achieves stability under PM Nawaz: Akram Durrani

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Pak economy achieves stability under PM Nawaz: Akram Durrani

ISLAMABAD, Dec 1 (APP): Minister for Housing and Works Akram Khan Durrani has stated that under the leadership of Prime Minister Muhammad Nawaz Sharif, Pakistan’s economy had achieved stability and was steadily growing.

The country’s economy has attracted international investments in diverse fields, said Akram Khan Durrani while addressing the 7th Bosphorus Summit in Turkey, a message received here from Istanbul on Thursday said.

The summit was hosted by International Cooperation Platform (ICP) and held under the auspices of the Presidency of the Turkish Republic on the theme of “A Better Future Through Cooperation” from November 29 to December 1, 2016 in Istanbul.

Addressing participants of the Summit, Akram Khan Durrani said Pakistan was blessed with immense resources.

He said there was great potential for investment in Pakistan’s energy sector and shared that an estimated 60,000 MWs of electricity could be generated only from the hydel sources.

He informed that Pakistan was the 2nd largest cotton yarn producer, the 4th largest milk producer, the 8th largest wheat producer, the 11th largest rice producer and the 9th largest meat producer in the world.

“We have the 9th largest shale oil deposits in the world and total on-shore natural gas deposits are exceeding 150 trillion cubic feet,” informed Minister Durrani.

Above all, the Minister said, Pakistan population of 200 million people was a huge market for any global investor.

Minister Durrani also spoke about China Pakistan Economic Corridor (CPEC) where Chinese and other companies are investing over $46 billion in various fields including energy and infrastructure.

Referring to recent investments in Pakistan, he informed that a Dutch company has invested Euro 500 million in the dairy sector, a Turkish company has invested over US $ 250 million in the durable electrical goods sector and another Turkish company is committing to invest $ 300 million in a private sector LNG terminal.

He asserted that all this was a vote of confidence in Pakistan’s better economic management.

Akram Khan Durrani also referred to reforms undertaken in Turkey under the leadership of President Recep Tayyip Erdogan and said “our national goals to modernize our economies have much in common.”

The governments of Pakistan and Turkey are striving to improve the investment climate, expand the domestic market, encourage innovation and develop export opportunities, he added.