Prime Minister Shehbaz Sharif announced on Monday that Pakistan is working closely with the United Arab Emirates (UAE) and Saudi Arabia to tap into the country’s vast mineral resources. Speaking at an event in Dubai with Pakistani business leaders and investors, the Prime Minister emphasized the importance of leveraging these resources for economic growth.
PM Shehbaz highlighted that, over the past year, Pakistan had made significant strides in achieving macroeconomic stability, largely due to support from the International Monetary Fund (IMF). He pointed out that inflation had decreased to 2.4% by January, and the policy rate was maintained at 12%. Exports had also increased compared to the previous year, and foreign remittances had reached a record $3 billion.
While acknowledging the progress, the Prime Minister stressed that Pakistan still faces numerous economic challenges. However, he assured that the government is headed in the right direction and remains focused on achieving sustainable economic growth. One of the key sectors identified by PM Shehbaz for future development is mining. Despite the country’s mineral wealth, he lamented that the mining sector has not seen much progress, preventing Pakistan from fully exploiting its trillions of dollars in resources.
The Prime Minister also emphasized the importance of information technology in reshaping Pakistan’s economy. He noted that with 60% of the population aged between 15 and 30, training the youth in IT would be crucial for the country’s economic transformation.
In addition to minerals and technology, PM Shehbaz addressed the agricultural sector, noting that although Pakistan is rich in resources, it has struggled with low per-acre yields due to a lack of modern farming techniques. He pointed out that countries around Pakistan had surpassed it in the production of key crops like rice, sugar, cotton, and wheat. To address this, the government is funding a program to send 1,000 fresh agriculture graduates to China for specialized training in various aspects of agriculture.
In summary, Prime Minister Shehbaz Sharif’s address underscored the government’s commitment to harnessing Pakistan’s vast potential in key sectors, including mining, technology, and agriculture, to drive economic growth and development.
