PM Shehbaz says youth, SMEs are key for economic development

CAIRO: Prime Minister (PM) Shehbaz Sharif on Thursday, underscoring vital role of youth and small and medium enterprises (SMEs), said that robust economies could be built by investing in both key drivers in the economic development.

He said for Pakistan, investing in youth, and supporting SMEs, was crucial for the country’s socio-economic development, and progress. “With over 60% of our population under the age of 30, we possess, fountain of potential, for innovation and growth,” he said while addressing the D-8 Summit in Cairo.

The prime minister highlighted that unlocking this potential required provision of the right skills, opportunities and financial resources.

Similarly, he said through the flagship Youth Programme, his government was committed to providing quality education, creating jobs, and offering productive opportunities.

Since 2013, he said this programme under the leadership of former prime minister Nawaz Sharif had distributed over 6,00,000 laptops to high achievers, awarded hundreds and thousands of scholarships, and trained a huge cohort of individuals in demand-driven skills such as artificial intelligence, data analytics, and cyber security.

“Pakistan is home to one of the largest freelance communities in the world. We are focusing on IT trainings at a mass scale to equip our youth with the necessary tools to connect with the digital world and capitalize on those opportunities with the aim to enable jobs-seekers become job-creators,” he remarked.

Furthermore, he also talked about the government’s Youth Business and Agriculture, Loan Scheme under which billions in loans had been disbursed, enabling, young Pakistanis, to start and scale their own businesses.

“Additionally, our initiatives, such as, Start-up Pakistan and the National Innovation Award aim to foster, recognize, and, promote a promising, start-up ecosystem, providing mentorship, and funding incubation opportunities for innovative, tech-driven ideas,” he added.

Reflecting on Summit’s theme, “Investing in Youth and Supporting Small and Medium Enterprises.” the prime minister stressed its relevance in building resilient economies and creating opportunities for sustainable development across member states.

He outlined that for D-8 member-states, empowering youth and entrepreneurship, presented an opportunity, to harness the power of young population, and create environments, where small businesses, could thrive.

The prime minister congratulated the Egyptian government, and its leadership, on hosting, the D-8 Summit – an important platform, or development cooperation, between like-minded countries.

He also welcomed Azerbaijan as a new member of D-8, saying that “under the able leadership of our brother President, IIham Heydar Oglu Aliyev, Azerbaijan will play an important role, in achieving, the objectives of the D8”.

“Today’s Summit offers a valuable opportunity for D-8 countries to share the best practices, pool resources, and create, programs, that support, youth and SMEs across borders,” he said.

He also announced that the Pakistan’s cabinet had approved, the implementation of the D-8 Preferential Trade Agreement as well as its protocol, on Dispute Settlement Mechanism.

The prime minister pointed out that connectivity was a force multiplier and was rightly hailed as a vehicle, for peace and prosperity.

“As emphasized, in the Dhaka Declaration, earlier in 2021, we need to explore, the possibilities, of developing, and enhancing transport connectivity among, D-8 member states, for building, efficient, intra-trade corridors, and reliable supply chains,” he added.

Quoting James Ressul, he urged member nations to make choices that empower the younger generation. “The choices we make today will shape the destiny of generations to come. Let these be choices, to elevate, young voices, empower their dreams and support their enterprises to ensure, that our future is in the hands of an empowered generation,” he added.

Prime Minister Shehbaz Sharif also highlighted the importance of ceasefire in Gaza, adding that it was crucial to ensure peace, prosperity and progress, not only in the region but globally.

“I would, in all humanity, urge my brother presidents, prime ministers, other dignitaries sitting in this room that while we discussed today’s agenda, it was equally important to discuss the situation in Gaza the the peace and ceasefire in Lebanon and potential threat of Israel’s carnage,” he added.