ISLAMABAD: Federal Minister for Petroleum Dr. Musadik Malik said on Friday that foreign direct investment (FDI) has increased by 55% while remittances have registered a growth of 44%. At the press conference, he highlighted the government’s efforts to create a favorable environment for investors, which contributed to this significant increase in foreign direct investment. He said the increase in remittances shows the confidence and support of overseas Pakistanis in strengthening the national economy. “These numbers reflect a positive trajectory of economic stability and growth for Pakistan,” said Dr. Musadik Malik and added that the government remains committed to maintaining this momentum and expanding investment opportunities. According to him, the country is expecting a GDP growth of around 3% due to the policies of the government led by Prime Minister Shehbaz Sharif. The minister expressed optimism that with GDP growth, more job opportunities will be created, which will improve the standard of living of ordinary people. Dr. Musadik Malik said food inflation decreased by 1.7% from 48.1%, while overall inflation decreased to 6.7% from 38%. Pakistan’s foreign exchange reserves have also improved. Growth was seen in agriculture and large manufacturing sectors, he added. Highlighting the government’s focus on the IT sector, he mentioned that a large IT delegation from Saudi Arabia is expected to visit Pakistan. The Minister also pointed out that the trade deficit has reduced and the Pakistan Stock Exchange is achieving new milestones and recognized by the renowned financial magazine Bloomberg as the most emerging market in Asia. He said that due to the government’s efforts, the confidence of the international community has improved. He further said that the Malaysian Prime Minister has completed his visit to Pakistan where delegations from Saudi Arabia and other countries are expected to arrive for the agreements. He reiterated that the government’s priority is to provide people with maximum facilities. All economic indicators are positive, exports are growing, the trade deficit is shrinking and inflation has fallen to 6.9%, beating even expert projections. Talking about the China-Pakistan Economic Corridor (CPEC), he said that the second phase, mainly aimed at setting up businesses in Pakistan, has already started. The minister also mentioned Russia’s interest in investing in Pakistan due to the country’s economic stability. Pakistan is moving towards progress, prosperity and development due to the prudent policies of the government. Billions of dollars of investment are expected to flow into the country. He said it has long been the dream of the Pakistan Muslim League-Nawaz (PML-N) leadership to improve the lives of common citizens by providing quality infrastructure, schools, colleges, universities and hospitals. In contrast, he said, the opposition leadership seeks destruction, chaos and politics of hatred and abuse. He lamented that the Pakistan Tehreek-e-Insaf (PTI) staged a sit-in when the Chinese president was scheduled to visit in 2014, thus delaying the launch of CPEC. Similarly, when Malaysian Prime Minister Anwar Ibrahim was in Islamabad, the PTI chairman called for a march towards D-Chowk. He said the Shanghai Cooperation Organization (SCO) summit was a great honor for Pakistan and any agitation during this time would send a negative message about the country. “We have to present a soft and positive image of Pakistan to the world,” he said, urging the opposition to raise its issues in parliament. The minister urged the opposition to recognize Pakistan’s economic development at a time when the world is appreciating it. Dr. Musadik Malik recalled that the PTI leadership had once asked the IMF to stop the deal with Pakistan. He also mentioned that despite the apprehensions about the outcome of the 2018 elections, the PML-N leadership offered a government charter of the economy to the PTI. Moreover, Bilawal Bhutto Zardari extended cooperation with PTI on the floor of the house. He added that during the tenure of the PTI government, top PML-N leaders including Nawaz Sharif, Shehbaz Sharif, Maryam Nawaz, Hamza Shehbaz, Saad Rafique, Rana Sanaullah and Khawaja Asif were arrested. Leaders from the PPP, including Asif Ali Zardari and his sister, were also detained. Dr. Musadik criticized PTI for its smear campaign against state institutions. He said that military installations and memorials of the country’s heroes were targeted and attacked by PTI workers on May 9.
