Speech of Prime Minister of Pakistan at D-8 Business Forum

Speech of Prime Minister of the Islamic Republic of Pakistan

At D-8 Business Forum

(Islamabad, November 20, 2012)

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Senator Saleem H. Mandviwala
Minister of State for FinanceMinisters,

Secretary General of Developing 8

President, Nigerian Association of Chambers of Commerce & Industry

Haji Fazal Kadir Khan Sherani, President of Federation of Chambers of Commerce & Industry 

Secretary General, D-8 Federation of Chamber of Commerce & Industry

Excellencies,Distinguished Guests

Ladies and Gentlemen

Assalam-o-Alakium
 

I am delighted to be here at the auspicious occasion of the 7^th D-8 Business Forum, organized jointly by the Board of Investment and Federation of Pakistan Chambers of Commerce & Industry (FPCCI).

On behalf of the people and Government of Pakistan and on my own behalf, it is an honour and privilege to warmly welcome our distinguished guests from D-8 countries to Islamabad.

I wish you a comfortable and pleasant stay.

Distinguished delegates,

D-8 is a reflection of the solemn pledge we made to our people 15 years ago to make their lives better; A life free from the shackles of poverty.

Your presence here is a testimony that we stand by our word.

The same resolve will one day lead us to our goal.

Your presence here is also a reflection of the growing interest of the business communities in promoting trade among the D-8 countries.

Ladies & Gentlemen,

The D-8 grouping is one of the most diversified clusters of developing countries. It is a unique platform to identify new opportunities for mutually beneficial cooperation.

Our Group’s strategic positioning, its diversity and unique institutional framework provide the capacity to develop vast human and natural resources.

The expanding network of relationships between the countries of the D-8 has created tremendous opportunities for business to flourish and gain a sure foothold.

Distinguished Guests,

The D-8 Business Forum has the potential to create entrepreneurial synergies leading to increased wealth and prosperity of our people.

Since its inception, trade volume of the D-8 member countries has increased from USD 433 billion in 1997 to USD 1.725 trillion in 2011.

This reflects more than 20 percent annual growth confirming their trade potential.

However, the Intra D-8 trade was USD 130 billion in 2011, which was 7.5 percent of the total trade of D-8 trade bloc.

The bilateral trade and investment among D-8 member countries is yet to reach its full potential.

It is, nevertheless, heartening to note that the Preferential Trade Agreement (PTA) has entered into force.

This is a significant milestone towards economic integration among the D-8.

Expeditious implementation will help us achieve our intra D-8 trade target of USD 500 billion by 2018.  

It is also encouraging that since the inception of D-8 bloc, member countries have been working together without imposing any adverse impact on bilateral and multilateral commitments of its members.

All member countries have undertaken reforms, liberalized markets and integrated better in the world economy.

The GDP growth rate of D-8 countries averages around 6%, with one member state (Turkey) registering 9% growth rate.

In most of the D-8 countries, the private sector has become the driving force of the economy.

Ladies & Gentlemen,

We have, time and again, reaffirmed the crucial role of the private sector in achieving the objectives of D-8 cooperation.

Sages of all hues have concluded that government is the enabler but the doer is the private entrepreneur.

In this context, we need to create an enabling environment with strong public-private partnership to achieve our collective goal of economic development.

The current dynamism and diversity in our economic relationship reflects a firm commitment to build a broad spectrum of trade and investment activities.

Yet the critical step forward is to build a focused roadmap towards closer economic integration.

Our previous interactions, held from time to time at this forum, have always been fruitful and productive.

I am certain that the present session will help us conclude concrete proposals to augment our economic relations.

It will also enable us to finalize a workable action plan for future cooperation in the fields of trade and investment.

Ladies and Gentlemen,

Pakistan’s strategic and geographic location as an international corridor provides huge opportunities for investment and trade in profitable sectors.

The Government of Pakistan attaches high priority to private sector investment especially foreign private investment.

It is an integral component for restructuring and revitalization of our national economy.

The unexplored economic potential of Pakistan offers countless developmental, trade and industrialization opportunities for the business community.

Foreign investors seeking a competitive manufacturing environment, healthy returns and skilled human resource in a growing market, can tap the vast opportunities available in the country.

Excellencies,

Let me take this opportunity to assure you that Pakistan’s economy is stable and our economic policies are transparent and predictable.

Expatriate Pakistanis are bringing their capital back home.

Pakistan’s credit rating in international capital markets has improved in the last few years.

Ladies and Gentlemen,

Business and entrepreneurship offer opportunities to ordinary people to contribute towards their own betterment, as well as of their fellow citizens.

We are fully aware that business thrives in free societies and Laissez Faire.

We have, therefore, strengthened the roots of democracy in Pakistan and ensured minimal interference of the government in private entrepreneurship.

Implementation of free trade policies in the recent past emphasized the importance of economic integration. Trade agreements, trade diplomacy, and greater role of private sector are shaping up our economic trajectory.

Ladies and Gentlemen,

In the present era of globalization, where economic strength is defining the standing of a country, the role of trade bodies has assumed high importance.

The flow of investment, mobility of labour and capital, patterns of business financing and the strength of business institutions determine the future of a society.

Today, trade bodies have to play an important and unconventional role of contributing to the employment generating activities.

They also help the national exchequer.

And build up of foreign exchange reserves.

In short, they have a key role in accelerating the over-all economy of the country.

Excellencies,

I would like to congratulate FPCCI, which has been entrusted with the chairmanship of D-8 FCCI for the next two years.

It is a recognition of the commitment of FPCCI in general, and of its President, in particular, towards enhancement of mutual cooperation among the D-8 business communities.

I am confident that FPCCI will play its leadership role in a proactive manner.

I hope it leaves new footprints to be followed by other national and international business chambers.

Ladies and Gentlemen,

On this occasion, I would like to assure you of the Government’s support to strengthen economic relations among the D-8 bloc.

I am positive that deliberations in the working sessions will generate tangible outcomes for the socio-economic uplift of our people in the days to come.

I wish you all success and a very productive stay in Pakistan.

Thank you.

Pakistan Paindabad!