The finance minister has said that the current account is benefiting from the increase in remittances, increasing trade and investment ties with bilateral partners is a priority.
The 9th edition of the Leaders in Islamabad Business Summit organized by Nutshell Group was held in Islamabad on Thursday. Federal ministers, representatives of international organizations and heads of major Pakistani companies participated in the event organized under the title “The Next Move”.
Six different sessions were attended by global corporate leaders and senior industry executives, covering topics ranging from geopolitics and economics to business, technology and competitive landscape, artificial intelligence (AI) and digital transformation to capital and finance.
While giving the welcome speech, Mohammad Azfar Ahsan said that we are holding this conference for the better future of Pakistan. Pakistan is currently in an important position. Everyone is talking about Pakistan. The world wants to know what will be Pakistan’s next step. We must plan for the next 25 years.
Addressing the inaugural session of the summit, Federal Finance Minister Muhammad Aurangzeb said that the journey of economic development is continuing and Pakistan is moving towards a model of sustainable economic development. Production of major industries has improved. The current account benefited from steady growth in remittances and rising IT exports.
He said that the issuance of $3 billion bond is a milestone for Pakistan, which has regained access to global capital markets after four years. Asian investors showed strong interest, which is a sign of confidence in Pakistan.
The finance minister said that Pakistan is moving from aid-based relations to trade and investment. A clear direction of export-led economic development has been set. Refinance is being provided to exporters at the rate of 4.5 percent.
He said that despite the policy rate being 11.5 percent, exporters are getting 4.5 percent refinance. Steps are underway to make traditional export sectors more competitive. Last fiscal year GDP growth was around 3.7 percent while State Bank has estimated GDP growth of 3.5 to 4.5 percent this fiscal year.