Pakistan's economy stable, moving towards growth, PM Shehbaz tells business delegation

AI Summary

Pakistan's Prime Minister Shehbaz Sharif stated that the country's economy is stable and moving towards growth, highlighting structural reforms and inviting US-based investors to explore opportunities. Key areas for investment include agriculture, mining, IT, AI, energy security, and privatization efforts such as that of Pakistan International Airlines.

Prime Minister Shehbaz Sharif on Friday said Pakistan’s economy had stabilised and was moving towards growth, while inviting US-based Pakistani business leaders to explore investment opportunities in the country. Speaking at a meeting with a delegation from the US-Pakistan Business Council (BCUI) on the sidelines of the 81st session of the United Nations General Assembly, the prime minister said Pakistan had undertaken “massive structural reforms”, including the digitisation of the economy, the Federal Board of Revenue and e-governance. “Our economy is now stable. We have moved towards growth,” he said, adding that the Gulf crisis had affected Pakistan at an unfavourable time. “We are trying to stand on our feet. We are doing our best to facilitate peace efforts,” he said. The premier said Pakistan had been “largely very successful” in June, but the situation had subsequently deteriorated. He expressed hope that, with the support of friendly and brotherly countries, the situation could be brought under control and long-term peace achieved in the region. He said regional peace was important for discussions on business and investment. The prime minister identified agriculture, mining, information technology and artificial intelligence-led initiatives, energy security, and investment, imports and shipments as key areas of potential cooperation. On agriculture, he said Pakistan could benefit from modern machinery and technology, including combine harvesters and other equipment, to improve efficiency, increase production and reduce costs. “Pakistan has the biggest potential” in agriculture, he said. The prime minister also highlighted the country’s mineral resources, saying Pakistan had been “blessed” with enormous potential in the mining sector. He said IT and AI-led initiatives also offered significant potential, particularly given Pakistan’s young population. The government was seeking to empower young people through vocational and skills training, he added. “This is a great asset for Pakistan,” he said, adding that the workforce could be utilised through productive employment and increased production. The prime minister also pointed to lessons from the ongoing regional crisis, saying Pakistan offered security and safety for energy reserves, including petrol, oil and gas. He also highlighted investment, imports and shipments as areas for discussion with the business delegation. PM Shehbaz said privatisation was another important area of interest for investors. Shehbaz further said Pakistan International Airlines (PIA) was being privatised and expressed confidence that its new Pakistani owners would turn the airline around. The government had also privatised a bank, while power distribution companies in various provinces were being processed for privatisation, he said. “Many other areas of mutual interest are being offered to the private sector,” the prime minister said. “The government’s business is to facilitate, act as a catalyst to support the private sector, not become the private sector,” he added. PM Shehbaz, UN chief discuss Middle East peace Prime Minister Shehbaz also met UN Secretary General Antonio Guterres, with the two discussing major regional and international developments, including the situation in the Middle East, the government said in a post on X. According to the post, the prime minister stressed the importance of dialogue and diplomacy in resolving regional tensions and reiterated Pakistan’s commitment to promoting peace and stability in the region. He reaffirmed Pakistan’s “steadfast commitment to multilateralism and the central role of the UN in promoting international peace and development”. The two leaders also discussed the situation in Afghanistan and the “drastic increase” in terrorism emanating from Afghan soil. The prime minister reiterated Pakistan’s strong attachment to the purposes and principles of the UN Charter and appreciated Guterres’s leadership in upholding them. He also reaffirmed Pakistan’s support for the Palestinian people’s right to self-determination and statehood. The prime minister raised concerns over the “rising trend of Islamophobia”, particularly in Pakistan’s immediate neighbourhood, and called for effective international action to curb it. Guterres, meanwhile, commended Pakistan’s role and strong voice at the UN, as well as its contribution to international peace and security. He appreciated Pakistan’s mediation efforts for the peaceful resolution of conflicts and durable peace and stability in the region. The UN secretary general also appreciated Pakistan’s role and sacrifices in countering terrorism. In a separate post on X, the UN said Guterres had “expressed appreciation for Pakistan’s important role as an elected member of the Security Council” and its support for the UN.