ISLAMABAD – The quantum of consumption in Pakistan is at ninety threepercent of GDP, the highest among the emerging economies.
Minister for planning and development was addressing the inaugural sessionof a three-day 34th Annual General Meeting and Conference of PakistanSociety of Development Economists that began in Islamabad on Wednesday.
The Planning Minister said saving rate in Pakistan is less than half ofother countries of the region. He said the growth strategy should focus onbuilding the economic fundamentals, such as quality and inclusiveness ofeconomic growth, human capital and sustainable agriculture.
The Minister said SME sector has been identified as one of the key sectorof economic growth. He said the CPEC is an opportunity for Pakistan andChina for growth and prosperity. Khusro Bakhtyar said the two countries arein effective collaborative arrangement that is beneficial for bothcountries.
The agriculture framework under CPEC focuses on joint ventures, valueaddition, cold chain management for fruits and vegetables, marketing andbranding will help the country to overcome socioeconomic weaknesses. Hesaid we need to increase saving while the balance between direct andindirect taxes is skewed toward indirect taxes.
The Minister said in the period of previous government the price of fuelwent down making it easy to handle current account balance. The presentgovernment is trying to restructure the policies. He said the servicesector now contributes to 56 per cent of domestic GDP but its share inexports is only 5 to 6 billion dollars, while our imports from China havereached 18 billion dollars.
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He said the country needs to promote value addition and adapt importsubstitution policies and the government is devising policy packages forthis purposes.
Planning Minister Makhdum Khusro Bakhtyar says agriculture cooperation willbe expanded between Islamabad and Beijing under China-Pakistan EconomicCorridor.
He was talking to Minister for National Food Security and ResearchSahibzada Muhammad Mehboob Sultan in Islamabad today.
The Minister said Chinese cooperation will be sought in improving thevarious sectors of agriculture field by enhancing cooperation inco-branding of products, post harvest promotion of commodities andestablishing free zones.
