Prime Minister Nawaz Sharif said on Friday that Pakistan is the best country for business because of huge natural resources and its geographical location.
Addressing traders in Davos on Friday, the prime minister said that Pakistan wants promotion of investment in the country. He said that law and order situation had improved in the country as a result of steps taken against terrorism and extremism.
He said that the government believes in transparency in policies. Pakistan is the sixth largest country in terms of population and tenth in terms of manpower. He said that media in Pakistan is independent and civil society is vibrant.
Meanwhile, World Economic Forum (WEF) Chairman Professor Klaus Schwab on Friday lauded the economic turnaround of Pakistan and said that the country had undergone a major positive change since 2013.
Schwab made the comments at the WEF Congress Centre in his meeting with Prime Minister Nawaz Sharif.
Professor Schwab said that it was part of his job here to look at the countries of the world and how their economies were progressing. “I must say Mr Prime Minister that your country is doing a wonderful job,” he said.
“There was no hope in 2013, but we now hear from the business community and the world that there is a lot of change in Pakistan,” Professor Schwab said.
The prime minister praised the holding of the annual forum and the role it was playing in integrating the world. He gave an overview of the positive indicators of Pakistan’s economy and how it was being perceived by top international financial institutions.
He said that the country’s GDP had grown by 4.24% in 2015; highest in the last seven years, inflation was 4.6% in the same year, and in the first half of the current fiscal year, it is at a historic low of around 2%.
He also mentioned the rise in per capita income by 12.91% in the first two years since his government came into power.
He said that the country’s budget deficit had been brought down from the projected 8.8% for fiscal year 2013 to 5.3% in fiscal year 2015, and is projected to be further brought down to 4.3% during the current fiscal year 2016.
He said that in the first two fiscal years, tax revenues had increased by over 33% due to tax-net broadening and removal of special exemptions.
He said that with a downward trend in acts of terrorism and success against the terrorist outfits, Pakistan was fast turning into a favoured destination for business, trade and investment.
He mentioned the growing interest of foreign investors in the country’s energy, telecom, infrastructure, urban development, agro-industry and textiles sectors.
Professor Schwab is the founder and Executive Chairman of the World Economic Forum, the international organisation for public-private cooperation.
He founded the forum in 1971 and believes that the management of a modern enterprise must serve not only shareholders but all stakeholders to achieve long-term growth and prosperity.
The Forum has been a driver for reconciliation efforts in different parts of the world, acting as a catalyst of numerous collaborations and international initiatives.