ISLAMABAD, Oct 6: Prime Minister Shaukat Aziz has attributed the growing strength in Pakistan’s economy to the far-reaching reform process initiated over the last six years. This, he said, had enabled the country to earn the distinction of being one of the leading reformed economies in the developing world.
The prime minister was talking to Jeuergen Fitschen, member of the group executive committee of Deutsche Bank, who called on him at the Prime Minister’s House here on Thursday.
Mr Aziz said that the wide ranging structural reforms coupled with the consistency and continuity of policies had transformed Pakistan into a resurgent economy. “It is a fast growing economy with rapidly expanding middle class and growing purchasing power,” he added.
The prime minister, while apprising the Deutsche Bank delegation of the rationale of country’s economic policies, pointed out that last year Pakistan emerged as one of the five fastest growing economies in Asia and this year the country’s economy expects to grow by seven per cent.
He said that Pakistan achieved the high growth rate while maintaining stability in the macroeconomic environment. “Pakistan is addressing its major challenges by providing more resources for education, health and social sector development as well as improving governance,” he observed.
The growing strength of Pakistan’s economy, he said, was attracting foreign investment, as last year the country received over $1.5 billion in FDI (foreign direct investment). “This is a significant achievement compared to five-six years ago when the average FDI was much lower.”
He described the growing strength in economy as an outcome of the reforms and said that it was precisely due to this reason that the economy continued to grow despite unprecedented rise in oil prices in the international market.
The prime minister said liberalization, deregulation and privatization formed major planks of the reforms process. Moreover, transparency and efficiency are the new watch words in the country, as it is poised to face new challenges.
The prime minister, however, said: “We are not complacent about what we have achieved so far since the challenge now is not only to sustain the growth momentum but also to continue efforts aimed at improving the quality of life of the people. He said Pakistan of today was Pakistan of opportunity, hope and promise as the country continued its journey on road to development.
Jeuergen Fitschen said the international community particularly the international banking and financial world are viewing Pakistan as a rising economy of Asia.
He termed his discussions with the prime minister frank and useful and expressed the confidence that if the country could move ahead with the current growth rate, there would be a major transformation. He said that German companies were interested in investment in Pakistan, which would help integrate Pakistan into a globalized economy.
