SINGAPORE: Pakistan’s economy has been growing steadily over the last years and it is expected to become higher middle income country by 2015 on Wednesday.
The consumer market in Pakistan is growing at a very fast pace. With a fast growing middle class, increasing urbanisation, a rising number of international brands, Pakistan are poised to become a major destination for international businesses” stated Nasrullah Khan, Pakistan’s High Commissioner to Singapore while addressing a Seminar -“Spotlight on Pakistan”.
With the aim to attract Singaporean businesses to invest in Pakistan, the Pakistan high commission in coordination with the Singapore Business Federation organised “Spotlight on Pakistan”. This seminar will be followed by an investment conference in August 2017, which is expected to be a much larger event.
The high commissioner in his keynote address stressed on Pakistan’s strategic location with potential to become Asia’s premier trade, energy and transport corridor. This strategic advantage alone makes Pakistan a market full of opportunities.
Aiming at sustainable and inclusive economic development and good governance, including financial discipline, Pakistan has initiated much needed reforms which reinforced our broader macroeconomic policies and led to lower budget deficits, increased foreign exchange reserves, and reduced spending on energy subsidies.
The audience were informed of the upsurge in Pakistan’s economy. And the reclassification of the Pakistan stock market. The Emerging Markets (EM) Index by the Morgan Stanley Capital International (MSCI), in June 2016.
Its upgraded Credit Ratings by Fitch Ratings: Rated B, Stable Outlook since 15th September 2015; Moody’s: Rated B3, Stable Outlook since 11th June 2015; Standard & Poor’s (S&P): Raised Pakistan long terms sovereign rating to B from B- on improved economic outlook and better fiscal and external account with Stable Outlook on 31st October 2016 International economic agencies are upgrading ratings for the financial and economic stability of Pakistan.
The high commissioner also informed the participants that Pakistan’s growth rate has exceeded the World Bank’s forecast of a GDP growth of 5.2 percent for the current year. The government’s economic liberal, business friendly and forward looking policies are focussed on reducing the cost of doing business and eliminating cumbersome administrative process to provide ease of doing business.
He also highlighted that the China Pakistan Economic Corridor (CPEC) was expected to generate massive economic activity in the country, which would create opportunities for investments by the private sector and other countries as well.
A large number of Singaporean companies attended the seminar and evinced keen interest in the opportunities offered by Pakistan. They enthusiastically participated in the question- answer session and panel discussion.
