ISLAMABAD: Pakistan has overcome socio-economic and security related challenges creating a favourable environment for sustained economic growth offering opportunities to foreign investors, said Commerce Minister Pervaiz Malik.

Speaking at the Ontario Chamber of Commerce (OCC) on Saturday, Mr Malik informed members of the chamber that the government’s prudent policies have restored macroeconomic stability in the country.

Mr Malik said Pakistan joined the club of trillion-dollar economies in 2017 and would become the world’s 20th largest economy by 2030.

The country has also made improvements in the Ease of Doing Business indicators and has been recognised as one of the top 10 performers globally in business regulations, he added.

He informed the audience that the country’s GDP growth increased to 5.2 per cent in 2017; the highest in 10 years, adding that agriculture accounts for 19pc, industry 21pc and services sector 60pc of the total national income. Pakistan’s Investment Policy, one of the most liberal in the region, provides conducive environment for attracting foreign direct investment.

The minister invited members and officials of the chamber to invest in Pakistan where there was no restriction on repatriation of profits and dividends, adding that no foreign firm had made losses in Pakistan.

Besides the China-Pakistan Economic Corridor, investors from US, UK, France, Germany, Japan, Switzerland, South Korea and the oil-rich Gulf States are investing in Pakistan, he added.

OCC President Rocco Rossi, while briefing the minister, said the chamber represented 60,000 large and small businesses in Ontario.

He appreciated the vibrant Pakistani entrepreneurs who are contributing to Canadian economy and expressed desire to forge enhanced trade relations with Pakistan.

The members of the chamber who had done business in Pakistan told the audience about their experience in the country and invited their colleagues to first visit it to see the opportunities available there.

The OCC agreed to boost ties with Pakistani chambers of commerce and industry through exchange of visits.

Published in Dawn, February 18th, 2018