ISLAMABAD: Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar on Wednesday said that Pakistan has huge potential to join the G-20 countries through structural reforms in the country’s economy.
The government is fully committed to structural reforms in the country’s economy by regulating the capital market and corporate sector for sustainable economic development, he said.
Foreign Minister Mohammad Ishaq Dar said this while inaugurating the Securities Commission of Pakistan (SECP) Head Office Building along with Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.
The Deputy Prime Minister said today is a very special day to mark the foundation stone laying of the Security and Exchange Commission of Pakistan (SECP) 2013 to 2017 economy in the country.
He said that the energetic and committed SECP team fully supported the government’s vision in 2013 and implemented the government’s vision of SECP reform and corporate sector regulation.
Ishaq Dar said that in the previous PML-N government, we faced a huge challenge and opposition in setting up an integrated Pakistan Stock Exchange (PSX) in the country and the government was successful and established the PSX, which was a huge success. .
He said that after the new integrated exchange, PSX has achieved the status of the first most efficient exchange in South Asia and the 5th in the world.
Meanwhile, he rejected the way of conventional diplomacy and said this is the time of economic diplomacy through which “we can explore new potential markets for our exports.
Dar said that Pakistan is a cash-strapped country, but the country has a number of tested and certified natural mineral reservoirs that have a proven value of $10,000 billion.
Historically, Pakistan has faced twin deficits in the form of fiscal and foreign account and these are manageable through comprehensive planning and economic reforms.
He said that: “We need to optimize these natural resources and also explore them for sustainable economic development in the country.”
He said that Pakistan has a bright future and in 2017 we have worked on economic reforms and the economy of the country has developed as the 24th largest economy in the world which is again ranked 48th.
Dar said that during our government in 2017, Pakistan’s economic indicators were good according to international rating agencies as we have record foreign exchange reserves and food inflation was at 2%.
Dar said that Ease of Doing Business (EODB) is essential to bring foreign direct investment into the country and for this role SIFC is crucial.
Pakistan’s huge potential to join G-20 countries: Ishaq Dar
