KARACHI: Caretaker Commerce and Interior Minister Gohar Ejaz on Wednesday said that Pakistan was poised to become a trillion-dollar economy in a decade and investors should exploit the growth potential.
Addressing foreign and local investors at the Overseas Chambers of Commerce and Industry (OICCI), he urged the investors to grab the opportunity as “Pakistan is a gold mine, which is bound to go far ahead”.
The caretaker government during its short tenure, he said, had taken comprehensive and fundamental measures, even tough decisions, and those were giving remarkable results in economic and financial sectors with currency appreciation, growth in exports, declining imports, current account surplus and reviving confidence of investors.
The minister said the issue of depreciation in currency was dealt with by turning to basics, ensuring the rule of law, and curbing misuse of the Afghan Transit Trade (ATT) and smuggling.
Pakistan’s currency was now up by two per cent, he said, adding that in seven months the capital market had also been showing positive results with 60pc increase in the stock exchange.
Exports were also increasing as the target of $1 billion extra exports was achieved in just four months by only focusing on non-textile exports, he added.
Pakistan, he said, needed to tap the potential of other products and import substitution of textile and manufacturing products.
He urged the investors to focus on export substitution and bring the latest technologies to Pakistan.
The minister said that overseas companies working in Pakistan earned Rs700n in the previous year and also contributed significantly to the taxes.
“We respect and value our investors and are ready to do all possible to secure your investments,” he assured. “You are the best brains and professionals and could play an important role in promoting Pakistan around the world,” he added.
Published in Dawn, February 1st, 2024