Pakistan has a trillion-dollar economy: Malik

ISLAMABAD: Commerce minister Pervaiz Malik, on Saturday, held a meeting with representatives of large multinational companies (MNCs) of Canadian origin at Ontario chamber of commerce (OCC), the minister held that according to world data atlas, Pakistan joined the club of trillion dollar economies in 2017 and that price water house coopers report, 2017, has projected Pakistan to become the world’s 20th largest economy by 2030.

According to an official statement, he said that Pakistan has overcome socio-economic and security related challenges and laid down the foundations of sustained economic growth countrywide.

“The government’s prudent policies have restored macroeconomic stability and improved security situation has created favourable environment for economic growth,” Malik said.

Pakistan has also improved in the ease of doing business indicators and the country has been recognised as one of the top ten performers globally in business regulation.

Malik informed that the gross domestic product (GDP) growth increased to 5.2 percent in 2017, the highest in 10 years. Agriculture accounts for 19 percent, industry stands at 21 percent and services sector had reached 60 percent of GDP in 2017.

Pakistan’s investment policy, one of the most liberal in the region, provides conducive environment for attracting foreign direct investments (FDIs).

Malik invited members and officials of OCC to invest in Pakistan where there is no restriction on repatriation of profits and dividends.

He informed that no foreign firm has made losses in Pakistan.

Besides the China-Pakistan economic corridor (CPEC), investors from United States (US), United Kingdom (UK), France, Germany, Japan, Switzerland, South Korea and the oil rich Gulf States are investing in Pakistan, he added.

OCC president Rocco Rossi while briefing Malik said that OCC represents 60,000 large and small businesses in Ontario.

He appreciated the vibrant Pakistani entrepreneurs who are contributing to the Canadian economy. Rossi expressed the desire to forge enhanced trade relations with Pakistan.

The members of OCC, doing business in Pakistan, informed about their experience in Pakistan and invited their colleagues to first visit Pakistan and see the opportunities that are available for profit making.

The chamber agreed to boost ties with chambers of commerce and industry in Pakistan through exchange of visits.