ISLAMABAD – Prime Minister Imran Khan Wednesday said that after achieving economic stability, also reflected by improvement in current account deficit, appreciation of rupee as well as positive market sentiments, the government was now focusing on job creation and exports’ augmentation by encouraging foreign investments.
He expressed these views while addressing a Sino-Pak Tyre Manufacturing Joint Venture’s tripartite signing ceremony between Ms MSD Tire and Rubber Company, Ms Doublestar China and Daewoo Pakistan Express Bus Service Limited here at the PM Office.
The Prime Minister congratulated his economic team for putting the country’s economy – which was in shambles when Pakistan Tehrik-e-Insaf (PTI) came into power last year – on the path of stabilization.
He said the stabilization of economy was evident from the facts that the current account deficit had improved, the rupee had gained its value against the dollar over the last three months, and the stock market was showing positive sentiments.
The Prime Minister said that with a recent World Bank report listing Pakistan at number 6th and 28 points improvement in terms of Ease of Doing Business (EODB), the heads of International Monetary Fund (IMF), World Bank (WB) and the Asian Development Bank (ADB) have also acknowledged stabilization of economy in the country.
He said that now the government’s focus was on the creation of job opportunities for youth and encouraging investment so as to achieve an enhanced and more than projected economic growth rate.
In that respect, the Prime Minister said that the government was also offering incentives to various sectors including the construction sector and was working
on ease of doing business for investors.
The Prime Minister, welcoming the signing of Pakistan-China joint venture project, said the manufacturing of tyres in Pakistan besides creating import substitution, would enhance exports of industrial goods and further improve current account deficit.
The improvement in current account deficit would in turn help appreciate the value of rupee and check inflation through a decrease in prices of petroleum products, utilities and transportation, he added.
The Prime Minister said that with the blessings of Allah Almighty, the country had been put in the right direction and efforts were afoot to create job opportunities and attracting foreign investment through the ease of doing business.
He said that with the strengthened Pak-China relations where the Chinese leadership including President Xi Jinping and Premier Li Keqiang were encouraging the Chinese companies to invest in Pakistan, such joint ventures like in tyre manufacturing would further push economic growth in the country.
The Prime Minister said that China’s Belt and Road Initiative (BRI) was a great opportunity for Pakistan to achieve economic development and progress.
