ISLAMABAD: The consumer market in Pakistan is growing at a fast pace, said Nasrullah Khan, Pakistan’s high commissioner to Singapore, while addressing a seminar recently held in the Southeast Asian country. Pakistan’s economy has been growing steadily for many years, he said.
With a growing middle class and increasing urbanisation, Pakistan is poised to become a major destination for international businesses, he added.
The High Commission organised the seminar titled “Spotlight on Pakistan” in coordination with the Singapore Business Federation in order to attract investments from Southeast Asian businesses.
The seminar will be followed by an investment conference in August.
In his keynote address, the high commissioner highlighted Pakistan’s strategic location that shows its potential for becoming Asia’s premier trade, energy and transport corridor. “This strategic advantage alone makes Pakistan a market full of opportunities,” he said.
To achieve sustainable and inclusive economic development and good governance, Pakistan initiated much-needed reforms that reinforced its broader macroeconomic policies and led to lower budget deficits, increased foreign exchange reserves and reduced spending on energy subsidies.
He informed the audience about the improvement in Pakistan’s economy and its reclassification as an emerging market by MSCI. The high commissioner told the audience that Pakistan’s growth rate has exceeded the World Bank’s forecast of 5.2 per cent for the current year.
“The government’s liberal, business-friendly and forward-looking policies are focussed on reducing the cost of doing business and eliminating cumbersome administrative processes,” he said.
He said the China-Pakistan Economic Corridor (CPEC) is expected to generate massive economic activity, which will create investment opportunities for the private sector.
Published in Dawn, June 30th, 2017