ISLAMABAD: Finance Minister Ishaq Dar said the government has achieved 4.24 GDP growth in 2015, claiming it the highest growth during the last seven years.
This, he said during a meeting of Monetary and Fiscal Policies Coordination Board in Islamabad o Thursday.
Addressing the participants of the meeting, the minister said the government is taking steps to pursue the objectives of economic growth, poverty alleviation and employment generation.
“The GDP growth target for the fiscal year 2016 has been fixed at 5.5 percent,” said Dar.
Commerce Minister Khurram Dastgir was also present in the meeting.
‘Look Africa Campaign’ to augment trade with Africa!
ISLAMABAD: The Trade Development Authority has initiated ‘Look Africa Campaign ‘for increasing trade and investment ties with the African region.
“Look Africa Campaign” would play a pivotal role for bridging the trade gap between Pakistan and African region and provide a platform for enhancing the contact between the business communities of both sides, a senior official of TDAP told the Media here today.
He said that Pakistan can promote trade with African countries in different sectors including textiles items, surgical and sports goods and agro- products for increasing exports.
Replying to a question, he said that we were working on the global value chain for promoting the demanded product in the international market to enhance the trade volume of the country.
He added that Pakistan ranks 107 out of 140 economies in the Global Competitiveness Index, which needs to be improved for economic stability and growth.
He said that for expansion of the trade infrastructure in the country, we were setting up expos centers at Islamabad, Quetta, Peshawar and other cities of the country.
He said that TDAP was planning to invite trade delegation and quarantine officers for rice from Mexico, meat regulation from China, Russia, and Mauritius and Indonesia and fisheries inspector from the USA for sharing the mutual expertise.
Malaysian companies showing interest to invest in Pakistan: Chairman BOI
ISLAMABAD: Minister of State and Chairman, Pakistan Board of Investment (BoI) Haroon Sharif Tuesday said Malaysian Oil companies will open its offices in Pakistan as they were taking interest to invest in Pakistan for the growth of national economy.
In an exclusive interview, while hailing the upcoming two-day visit of Malaysian Prime Minister said it will be the first official visit of Malaysian premier Mahathir Mohamad to Pakistan and he will be the chief guest on Pakistan Day event as well.
The Malaysian PM’s visit would also open new corridor for economic development and further boost the trade volumes between the two countries.
He further said Pakistan and Malaysia would sign five Memorandum of Understandings (MoU) with each other in the support of Pakistan.
He added not only Malaysia but the whole east Asia is taking interest in Pakistani market.
Investment in human capital imperative for development: Asad Umar
ISLAMABAD: Finance Minister Asad Umar here on Tuesday said investment in human capital was very imperative and central to development of the country.
“Educating youth and investing in their development is both means to an end and end in itself,” the finance minister said this while addressing the Human Capital Summit here.
The minister said that investing in education and human capital was actually investing in economy as it yields high economic dividends, hence investments in these sectors was actually investing in economy.
He said the government was fully committed to work in this direction.
The minister said that there was need for going beyond monetary statistics when dealing with human development and poverty alleviation, adding that over the years success had been made in terms of poverty reduction and developing human capital as indicators were better today as compare to 20 years back.
However, the pace with which these developments have taken place in the other parts of the world have not taken place same way in Pakistan.
He said that Pakistan would be using multi-dimensional approach for measuring poverty and help alleviate it.
Asad Umar said that for the first time the government was integrating the social protection efforts instead of adopting the current fragmented approach.
Coordinated approach would be used for poverty alleviation and government would set up specific authority for this purpose.
He, however, was of the view that there was need for fiscal space, stressing the need for adopting innovative financial instruments.
He said that Pakistan looks forward towards institution, World Bank and private sector to introduce innovative financial instruments adding that if it required any legislation, the government would do the needful.
He said that government was also improving structure to internally strengthen its institutions while it was also establishing Public-Private Partnership Authority (PPPA) to work with private sector and mobilize funds for not only infrastructure projects but also for social sector.
Later talking to media persons the minister said that Pakistan economy was captured by elite culture and there was need for breaking this stranglehold by opening the economy, making it rule-based, ensure transparent decision-making, strengthen parliament and over-sighting mechanism, transparency and accountability.
Earlier, speaking at the summit, South Asia Region World Bank Group Vice President Hartwig Schafer said that progress has been made in poverty reduction in Pakistan.
He highlighted the need for adopting multi-dimensional approach for poverty measurement by including education, health and their quality in the measurement scale.
He said that women participation in work force was also imperative, saying that only one in three women was participating in labour forces in South Asia.
He also urged private sector and donors to play their role in promoting investments in human capital and lead the country towards sustainable development.