DURING a two-day visit to Saudi Arabia, Prime Minister Shehbaz Sharif met with Saudi Crown Prince Mohammed Bin Salman for second time within a month. During the meeting, the two leaders discussed bilateral relations between Pakistan and Saudi Arabia, the regional situation and Israel’s war on Palestine. Shehbaz Sharif, who arrived in Riyadh to attend a two-day special meeting of the WEF, attended a Special Dialogue and Gala Dinner hosted by the Saudi Crown Prince. He congratulated the Saudi Crown Prince for successfully organizing the WEF Special Meeting. Premier Shehbaz Sharif and CP MBS had earlier met on April 8. A high-powered delegation accompanied the Premier Shehbaz Sharif, including key Ministers responsible for investment so that follow-up meetings could take place between relevant officials. In his meeting with the Saudi Finance Minister, the two sides agreed that Saudi Arabia would explore more opportunities for investment in Pakistan. Since the establishment of new government, China, KSA, UAE, Turkiye, Qatar and Iran have shown great interest in trade and investments in Pakistan.
Pakistan’s maiden lunar mission, ICube Qamar (ICUBE-Q), has embarked on its voyage, hitching a ride aboard China’s Chang’e-6 orbiter. China and Pakistan have set their sights on the moon, promising groundbreaking discoveries that could reshape our understanding of Earth’s celestial neighbour. This comes nearly nine months after India’s Chandrayaan 3. This landmark achievement will boast confidence of foreign investors for investment in Pakistan. After India’s Chandrayaan 3 success MBS signed multiple projects worth 100 billion dollars in India. Now after Pakistan’s maiden lunar mission, ICube Qamar Pakistan will win attention of the foreign investors.
The IMF has advised Pakistan to ensure strict financial discipline, saying that Pakistan can achieve macroeconomic stability only through economic reforms. PM Shehbaz Sharif has told MD IMF that his government is fully committed to get Pakistan’s economy back on track. The Executive Board of the IMF met and final instalment of 1.1 billion US dollars under the SBA was decided. Economy of Pakistan has long been facing multiple challenges and there are multiple reasons of downfall of our economy. I would say that economy of the country has not been properly and wisely handled during 2018-22 under PTI-led government. We have classic example of flourishing economies of China, Saudi Arabia and the UAE. Saudi Arabia has followed the successful economic development model of the UAE. The establishment of great city Neom in Tabuk, Saudi Arabia will attract the attention of foreign investors and millions of tourists across the world. Pakistan will also have to follow same model of establishment of Neom city along coastal region of Balochistan and establish IT cities, agro-cities and mining cities in different parts of the country.
Saudia is an oil rich country but besides this blessing the Saudi leadership has decided to explore new opportunities of earnings. Pakistani leadership needs to follow successful vision of China, UAE and KSA leaderships. Undoubtedly, self reliance is the key to success. To end continual economic crunch the PMLN leadership has decided to focus on exploration of its natural resources, agriculture and IT sectors. Pakistan is facing serious foreign debt burden but Prime Minister Shehbaz Sharif is committed to overcome these monsters. Pakistan-KSA engagements on economy will brighten future of Pakistan. During the next decade, Pakistan will have a stable economy. The PML-N government has set 2047 vision clear economic agenda. Strong economy means strong country. Very sound law and order situation, foolproof security arrangements and focus on uplift of economy can steer Pakistan to safe harbour. Participation of high level delegation of Pakistan in World Economic Forum in Riyadh was great occasion for Pakistan to win more and more opportunities. Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb struggled hard to translate more and more economic activities for Pakistan. All three dignitaries are working hard to overcome gigantic challenges of distorted economy of the country. Premier Shehbaz Sharif will have to focus on energy and power sectors more than anything else.
Energy and power are basics of any economic activity. The electricity and gas tariffs are extremely high in Pakistan. Government will have to reduce these very high tariff rates so that industrial consumer could afford it. Because of high tariff and high labour cost, Pakistani products do not capture international competitive market. Thus exports do not increase. Pakistani products can only survive when cost of production is controlled. On certain matters like economy, terrorism and Kashmir opposition and government of Pakistan need to follow national determined policies. None should be allowed to divert the focus from once agreed this national narrative. Premier Shehbaz Sharif, Deputy Premier Ishaq Dar and Finance Minister Muhammad Aurangzeb have pledged to stabilize economy of the country by all means.
—The writer is political analyst and author of several books, based in Islamabad.
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