DUBAI: Pakistan’s Prime Minister Shehbaz Sharif on Monday said that the country is working closely with the United Arab Emirates (UAE) and Saudi Arabia to harness its vast mineral resources.
Speaking to Pakistani business leaders and investors in Dubai, where he arrived on a two-day official visit to participate in the World Governments Summit (WGS), the prime minister highlighted that Pakistan had achieved macroeconomic stability over the past year with the support of an International Monetary Fund (IMF) programme.
“Our efforts are focused on key areas, including mining and minerals,” he remarked.
PM Shehbaz expressed regret over the lack of progress in the mining sector, despite Pakistan’s mineral wealth being worth trillions of dollars.
He noted that the country’s economic fundamentals had gradually improved, citing a decline in inflation to 2.4 percent in January and a reduction in the central bank’s policy rate to 12 percent.
The prime minister further stated that exports had shown improvement compared to the previous year, while foreign remittances had reached a record level of $3 billion.
Economic growth
Acknowledging the need to overcome significant economic challenges, the prime minister stressed that the government was on the right path towards achieving economic growth.
He also underscored the importance of the information technology sector, stating that equipping Pakistan’s youth—60 percent of whom are between the ages of 15 and 30—with IT skills could help transform the economy.
Discussing agriculture, PM Shehbaz pointed out that while Pakistan had immense potential in the sector, per-acre yield had remained stagnant for decades due to the lack of modern techniques and technology.
“Many countries have surpassed Pakistan in the production of rice, sugar, cotton, and wheat, while we have lagged behind our neighbours,” he said.
He informed the business leaders and investors that the government was funding a programme to send 1,000 fresh agriculture graduates to China for specialised training. He expressed hope that upon their return, these students would utilise modern knowledge to help enhance the country’s agricultural productivity.
The prime minister also stressed the need for value addition in agricultural production to maximise economic benefits.
“We must focus with complete dedication and commitment to accelerate economic progress,” he emphasised, adding that teamwork was essential for societal transformation.
He assured business leaders that the government would incorporate their suggestions into its economic policies.
PM Shehbaz’s visit to UAE
Earlier, Prime Minister Shehbaz Sharif arrived in Dubai for a two-day official visit to the UAE from 10 to 11 February at the invitation of UAE Vice President and Prime Minister, and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.
He is accompanied by Deputy Prime Minister and Foreign Minister Ishaq Dar, as well as Federal Ministers Khawaja Asif, Ahad Khan Cheema, Muhammad Aurangzeb, Sardar Awais Khan Leghari, Attaullah Tarar, and Special Assistant to the Prime Minister Syed Tariq Fatemi.
