#Pakistan to become higher middle income country in near future - said Nasrullah Khan
مستقبل قریب میں پاکستان کی آبادی کا زیادہ تر حصہ عنقریب مڈل انکم ہوجائیگی۔
ISLAMABAD: Pakistan's economy has been growing steadily over the last few years, and it is expected to become higher middle income country in the near future, said Nasrullah Khan, Pakistan’s high commissioner to Singapore.
Addressing a seminar titled “Spotlight on Pakistan”, organised by the Pakistan High Commission, in collaboration with the Singapore Business Federation, he said, with a fast growing middle class, increasing urbanisation, a rising number of international brands, Pakistan is poised to become a major destination for international businesses, he added.
The high commissioner stressed on Pakistan's strategic location with potential to become Asia's premier trade, energy and transport corridor. “Pakistan has initiated the 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,” he said. Khan said that Pakistan's growth rate has exceeded the World Bank's forecast of a GDP growth of 5.2 percent for the current year.
He also highlighted the China-Pakistan Economic Corridor (CPEC) is expected to generate massive economic activity in the country, which would create opportunities for investment by the private sector and other countries.
Shamsher Zaman, Singapore's non-resident ambassador to Jordan, and vice chairman of Singapore Business Federation's South Asian business group, played a proactive role in organising and making the seminar a success wherein Dr Yaseen Anwar, ex-governor of the State Bank of Pakistan, and Advisory Board IMI of Renmin University, Beijing, and senior adviser, Industrial and Commercial Bank of China, spoke on "Belt Road initiative and China-Pakistan's Economic Corridor. A highly informative presentation titled "Economic Overview and Outlook", was made by Abid Sattar, HBL's head of International Banking (Asia & Africa). 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. The seminar will be followed by an Investment Conference in August, which is expected to be a much larger event.