PM Nawaz Sharif address at the WEF in Davos

PM Nawaz Sharif address at the WEF in Davos

DAVOS: Prime Minister Muhammad Nawaz Sharif on Wednesday said that Pakistan was now on the track of sustainable growth and was ready to do business with the world.

"Offering attractive investment policies, Pakistan is a destination that no global player can miss," the prime minister said in his address to leading businessmen at a dinner hosted by Abraaj Group.

The prime minister said that Pakistan was now politically stable, with the sixth largest population in the world. He added that Pakistan had 80 million middle class and was blessed with rich human and natural resources.

In his address to business leaders gathered for the 47th Annual Meeting of the World Economic Forum, the prime minister said, "I invite you to take benefit of the economic revival of Pakistan and enjoy the first mover's advantage."

Nawaz Sharif said his government was working to ensure rule of law in the country while strengthening the democratic institutions.

He said coming to the World Economic Forum was a great opportunity to meet global thinkers, policy makers and business leaders who shape the future of the people.

The prime minister said without peace and stability, development remained an elusive dream and stressed the need for collaboration and cooperation to meet challenges.

"Without inclusion and partnerships, we cannot make any headway. This is the approach I believe we need to take at global, regional and national levels in order to not only solve our problems but also to create an environment in which the world economy can rejuvenate and revive," he said.

He recalled that since assuming office in 2013, his government effectively tackled the challenges of the economy, energy shortages, inflationary pressures, exchange rate volatility and a precarious security environment.

The prime minister continued, "Today, our government has managed to stabilise the economy, despite unfavourable global economic conditions. We first set out to improve the macro-economic outlook and sustained our efforts in spite of strong challenges," he said.

The prime minister said that economic conditions in Pakistan were improving continuously and from a 3 percent GDP growth before 2013, it was projected that the country would achieve a 5.5 percent GDP growth during the current year.

He said that in the last three and a half years, the government initiated much needed reforms that aimed at sustaining economic growth and development.

He mentioned that focus was laid on technology, energy, modern infrastructure and a thriving investment climate besides reduction in bank interest rates and exemptions.

Nawaz Sharif also informed the audience that the government launched the most successful counter-terrorism operation in the world and dismantled the entire network of terrorists within Pakistan in two years.

"Pakistan is an inclusive, tolerant and forward looking society. Pakistan is as safe as any other place in the world," he said.