Prime Minister Shehbaz Sharif arrived in France on Wednesday where he said he planned to present Pakistan’s stance on the urgent need to restructure international financial institutions to address the challenges facing humanity.

According to state broadcaster Radio Pakistan, the premier was in France for a two-day official visit on the invitation of French President Emmanuel Macron.

He will also be attending the New Global Financing Pact Summit in Paris during the trip.

Prior to his departure, the premier emphasised that the summit provided a “unique opportunity” for global unity, enabling consensus on fundamental principles and necessary measures for a comprehensive overhaul of the international financial system.

The summit serves as a platform for the exchange of ideas and consultation on future changes in the global financial system to address challenges related to sustainable development, alternative and renewable energy sources, environment, and climate change, he said in a tweet.

The PM further highlighted that Pakistan, as a prominent stakeholder in the G-77 plus China alliance and a nation significantly affected by climate change, was well-positioned “to assume this role”.

Later, the Prime Minister’s Office also shared a video on Twitter, featuring the premier and his delegation boarding a plane bound for France.

The premier will also hold bilateral meetings with global leaders during his stay in Paris.

PM eyes boosting FDI to $5 billion

In another statement earlier today, the prime minister said the coalition government had decided to set up a Special Investment Facilitation Council (SIFC) with a mandate to frame economic policies that ensure policy predictability, continuity and effective implementation to revive the economy.

“Attracting investment from friendly countries remains one of the key goals of the SIFC. The immediate task is to increase foreign direct investment to $5 billion,” he said in a tweet, explaining initiatives being taken by the government to provide economy a forward thrust.

He said the SIFC would serve as a top decision-making forum to push through fundamental reforms in the structure of the economy. “To begin with, the forum will focus on leveraging key sectors such as IT, agriculture, energy, minerals and mining, and defence production.”

According to the premier, the need for a representative forum like the SIFC had long been felt, given the scale of the economic challenges caused by “internal and external factors”.

He said “the textbook approach to deal with a unique set of problems” was not workable anymore. He said it was time to leverage collective wisdom to kick-start the economy to make it self-reliant, export-driven, and robust, capable of withstanding external shocks and upheavals.

He insisted that creative ideas offered the solution to economic problems faced by the country.

‘Economic revival plan’

Civilian and military leaders had on Tuesday devised an “economic revival plan” to capitalise on “untapped potential in key sectors” and attract foreign direct investments.

A statement issued by the PM Office had said the meeting was chaired by PM She­h­baz and participants included chief ministers, federal and provincial ministers, and the army chief, among others.

The plan envisages making the most of “untapped potential in key sectors of defence production, agricultural/livestock, minerals/mining, IT, and energy, through indigenous development as well as investments from friendly countries”.