Prime Minister Shehbaz eyeing international investment, deems Pakistan ‘ripe’ for market innovation

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Prime Minister Shehbaz Sharif addresses the Future Investment Initiative Summit on October 25, 2022. – PID/File
  • Prime Minister Shehbaz is fully prepared to invest in the younger generation.
  • “The market is expanding with a young and growing population,” says PM.
  • Premier shares Pakistan with the fourth most popular country for freelancers.

ISLAMABAD: Prime Minister Shehbaz Sharif said on Tuesday that Pakistan was “ripe” for innovation in the market as its new generation of entrepreneurs turned their energy and focus on disruptive innovations and kept traditional businesses at bay.

The Prime Minister’s comments came during his attendance at the Future Investment Initiative Summit in Riyadh, Saudi Arabia.

“I am fully prepared to invest my government’s resources to provide the young generation with an environment conducive to innovation,” the Prime Minister said at the summit.

Prime Minister Shehbaz is currently in Saudi Arabia on a two-day visit to attend the “Davos in the Desert” summit – an initiative by Saudi Crown Prince Mohammad bin Salman to expand the Kingdom’s role beyond oil in the Mondial economy.

The Prime Minister urged businessmen attending the summit to invest in Pakistan’s innovative business opportunities. He added that despite Pakistan’s huge infrastructure development needs, the coalition government is modernizing railways, ports, airways, water, gas, electricity and digital infrastructure.

“With a young and growing population, the market is expanding. Our government allows private companies to stimulate the economy. The government invests in public goods; these are also available for partnerships. I invite you all to participate and help me unlock Pakistan’s potential while earning profitable returns on your investment,” he said.

Satellite center in Pakistan

Prime Minister Shehbaz proposed that the summit consider establishing a satellite center at one of Pakistan’s leading universities to explore the rapidly growing Pakistani market and stimulate entrepreneurial innovation among our young population.

“The satellite could become the center of a network of researchers, innovators, investors and service providers to harness capabilities which, if optimized, would take Pakistan to a higher level of social and economic development” , he said.

At the beginning of his address, the Prime Minister said that nothing could be more important than this challenge: how to ensure that our collective future is better than our today.

“We are ready for this; we have the tools, skills and technology that allow us to not only navigate the complex world of tomorrow, but to shape it today in a way that has the most beneficial impact on humanity.

“We live in truly transformative times. Throughout history, these times have triggered political, social, environmental and economic changes. These changes have been fueled by imagination, innovation and action. Bold, decisive and consistent action.

“Technological power is a great equalizer”

The Prime Minister said the pace of transformation and change has never been faster than it is today. He said that with the power of technology driving the world into a future few could imagine in the past, “we are well positioned to harness the momentum for change.”

He further added that technological power is a great equalizer. It can cross social, cultural and financial barriers and empower those equipped to take advantage of it.

“In Pakistan, I have seen with deep satisfaction how young women and men are shaping their careers – and increasing their purchasing power – by using technology in various areas within the broader digital matrix like e-commerce” , he said.

“I think Pakistan is ideally placed to take advantage of this change. We have one of the youngest populations in the world. Most of these young people are equipped with the tools of the new digital world… their talent is already recognized as Pakistan is the fourth most popular country for freelancers,” he added.

Prime Minister Shehbaz meets Mohammad Bin Salman

The Prime Minister also met Saudi Crown Prince and Prime Minister Mohammad Bin Salman during his visit.

Prime Minister Shehbaz Sharif (L) and Crown Prince and Prime Minister of Saudi Arabia Mohammad Bin Salman.  — Office of the PM
Prime Minister Shehbaz Sharif (L) and Crown Prince and Prime Minister of Saudi Arabia Mohammad Bin Salman. — Office of the PM

The Prime Minister should discuss the $3 billion turnover deposits and additional financial support from the authorities of the kingdom, as reported by The News.

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