Strong economic indicators a draw for investors: PM

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Country among world’s top 10 capital markets

Amanullah Khan

Karachi—Prime Minister Nawaz Sharif has said that the government is committed to progress and develop Pakistan on a fast track basis, the nation must question those who were trying to push the country back to ages of darkness.
Speaking at the awards distribution ceremony for the companies of outstanding performance at the Pakistan Stock Exchange, the Prime Minister said that today Pakistan Stock Exchange is among the top 10 markets in the world, adding the world community is recognising the performance of PSX. “I wish to see PSX grow further.”
He recalled that when his government came into power the stock exchange index was around 19,000 and now it has gone up to 41,000 points and reflects the robust economy of the country.
Outlining the strong macro indicators he said that the government revenues had increased by 60 percent, while the foreign exchange reserves were at their highest level due to the government’s successful economic policies. The international financial institutions had repeatedly pointed to the positive economic indicators, owing to the political and economic stability.
Talking about power shortages and load shedding issue Nawaz Sharif said his government was committed to get rid of loadshedding by the year 2018 across the country and added that today the industrial units were getting uninterrupted electricity and natural gas.
The Premier said that concentrated fforts were underway not only to generate more electricity, but also to lower its tariffs so as to make its products more competitive in international markets.
Pakistan Railways needs to be upgraded urgently to facilitate the industrial and business consumers as a part of economic growth of the country, he sad adding that his government was working on a comprehensive plan to enhance country’s air, road and rail network. He said special measures have been taken to revive the national flag carrier Pakistan International Airlines, and to make it one of the best in the world.
Regarding infrastructure development especially road communications he said that work on Lahore-Karachi motorway was going ahead at a fast pace, and announced that he would soon lay the foundation stone of the Hyderabad-Sukkur motorway soon. Work on Sukkur-Multan and Multan-Lahore was going ahead at a fast pace, he said.
The Chairman Pakistan Stock Exchange Munir Kamal while speaking on the occasion said it was Prime Minister Nawaz Sharif’s second visit at the annual award ceremony in as many years and shows his commitment to this vital sector.
He attributed the credit of award of Emerging Market status, to Pakistan to the commitment and hard work of the present government and said there has been a major positive change in country’s stock markets since the PML N government came into power.
Chairman PSX termed establishment of PSX was a difficult task and said international financial institutions were acknowledging the country’s robust economic growth and positive indicators.
He said inter connecting roads were being built across the country to help boost trade and business. He recalled the nationalisation process in the ‘70s and said it set back the country’s pace of progress. He said all these units managed to earn profits once they were privatised.
Earlier, Chairman Pakistan Stock Exchange Munir Kamal said it was Prime Minister Nawaz Sharif’s second visit at the annual award ceremony in as many years and shows his commitment to this vital sector.
He attributed the credit of award of Emerging Market status, to Pakistan to the commitment and hard work of the present government and said there has been a major positive change in country’s stock markets since the PML N government came into power.
Talking to a group of leading industrial exporters of the country, Prime Minister Nawaz Sharif said boosting exports was his top priority and said the government would give short, medium and long term relief to the exporters so that no segment misses achieving the growth targets.
The Prime Minister said economic growth and exports were interlinked. “We cannot afford to ignore our exports,” he added.
However, he said due to certain international factors, export targets could not be achieved. The exporters highlighted certain proposals on rationalization of cost of doing business during the meeting. Prime Minister Muhammad Nawaz Sharif said exports were the future of economy. “Our vision is to spread dividends of economic turnaround among all the stakeholders in an equitable manner.”
He said increase in economic activities and ease of doing business would result in reduction of unemployment and alleviation of poverty from the country.

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