Pakistan eyes G20 membership through sustainable growth

ISLAMABAD: Deputy Prime Minister (DPM) and Foreign Minister Muhammad Ishaq Dar Pakistan’s economy is on the way to sustainable growth to achieve the dream of joining the G20 club as soon as possible

The deputy prime minister passed these remarks during his keynote address at the Pakistan-Saudi Business Forum in Islamabad. Ishaq Dar also cited the government’s efforts for economic stability and existing huge potential for investment,

He recalled that in 2017 the country had achieved the status of top 24th economy with 4 percent inflation, below 2 percent food inflation, 6 percent GDP, and the highest foreign reserves, pursuing its journey to join the G20. He said that the process was derailed due to COVID-19 pandemic and certain internal and external factors.

Ishaq Dra said that Pakistan and Saudi Arabia enjoyed deep-rooted and time-tested relations, marked by shared history, faith, and values.

He thanked the Saudi leadership for unwavering support to Pakistan on multiple occasions, particularly during the recent economic challenges, and reiterated that Pakistan was committed to the sovereignty and integrity of the Kingdom and stood shoulder to shoulder with it through thick and thin.

He said that 2.5 million Pakistani diaspora in the Kingdom was contributing to the Saudi development and Pakistan’s foreign remittances.

Calling it a ‘pivotal moment’ in the history of bilateral ties, the deputy prime minister said the delegation’s visit manifested the shared vision and enduring partnership between the two countries.

Ishaq Dar said the difficult and unpopular decisions made by the government are yielding positive results as economic indicators were in the right direction showing reduced inflation, narrowing current account deficit and improved rating making Pakistan more attractive for foreign investment.

The deputy prime minister underscored Pakistan’s potential in sectors such as mining, information technology, agriculture, and renewable energy, inviting Saudi investors to participate in these lucrative opportunities.

Ishaq Dar expressed confidence that the engagements during this visit would lead to tangible outcomes, further strengthening the economic partnership between the two countries.

The Pakistan-Saudi Business Forum was held as a high-level Saudi delegation led by Minister for Investment Engineer Khalid Bin Abdulaziz Al-Falih is on a three-day visit to Pakistan comprising representatives from a wide spectrum of government agencies and private sector entities. The visit is aimed at exploring investment opportunities and signing Memorandums of Understanding (MOUs) across a variety of sectors.

Earlier, the Saudi delegation met President Asif Ali Zardari in Islamabad.

The president reaffirmed Pakistan’s deep respect for the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and reiterated Pakistan’s unwavering commitment to stand in solidarity with Saudi Arabia.

President Asif Ali Zardari also praised the visionary leadership of Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman Al Saud. He highly commended the remarkable progress Saudi Arabia was making under Vision 2030 and expressed gratitude for the Kingdom’s continued support to Pakistan during challenging times.

Khalid bin Abdulaziz Al-Falih said that Saudi Arabia recognized the strategic geographical significance of Pakistan and its potential of natural resources and renewable energy.