- 2 years ago
Deputy PM ishaq Dar exclusive speech at Islamabad Pakistan. Saudi Arabia business forum
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00:00friendship and strategic partnership between our two brotherly countries.
00:06Pakistan and the Kingdom of Saudi Arabia have a deep-rooted, time-tested relationship.
00:16This bond, enriched by shared history, faith and values, holds a significant place in Pakistan's
00:28foreign policy.
00:30The people of Pakistan have always held the custodian of the two holy mosques and the
00:37Honourable Crown Prince, His Royal Highness, and the leadership of Saudi Arabia in the
00:46highest esteem.
00:49I would like to take this opportunity to express our profound gratitude to the Saudi leadership
00:56for their unwavering support on multiple occasions, the latest being as explained by my colleague,
01:04Finance Minister of Pakistan, in the recent challenge we had as a country vis-à-vis multilateral
01:10institutions.
01:11We remain firmly committed to the sovereignty and territorial integrity of the Kingdom of
01:18Saudi Arabia and stand ready, shoulder to shoulder, with our Saudi brothers and sisters
01:26through thick and thin.
01:29We are also deeply thankful for the welfare and the hospitality which is extended to the
01:36over 2.5 million Pakistani diaspora who call Saudi Arabia their own home and are also contributing
01:46to the economy and the development of Saudi Arabia as well as making huge foreign exchange
01:53remittances to Pakistan, which certainly helps to reach the current fiscal deficit issues
02:02which Pakistan had faced in the past.
02:05We gather here at a pivotal moment in the history of our bilateral cooperation.
02:12As His Excellency mentioned, in Ramadan Sharif, soon after Prime Minister Shahbaz Sharif's
02:20government took office, we visited for Umrah and, Excellency, when we came back from Madinah
02:30Marawarah, because we landed in Madinah Marawarah, there was an invitation that before Iftar
02:41we join His Royal Highness the Crown Prince.
02:45Now there was a debate between our team, the Foreign Office, that whether we should wear
02:52in Aram.
02:53I said, nothing doing.
02:54This is the best dress you can have.
02:57So we will go in Aram.
02:59So as very rightly His Excellency mentioned, that we went in Aram to the Crown Prince Palace
03:08and we had a wonderful Iftari as well as mutual dialogue which ended up around Fajr with a
03:18joint communique for $5 billion.
03:22In addition to previous commitments, I'm clarifying, Excellency, you have a bigger troll, because
03:27I was involved after Tahajjud in the guest palace and we had communication by my very
03:34dear brother Prince Faisal and his team and the ambassadors were shuttling between the
03:41Crown Prince Palace and the guest palace where we were staying.
03:46So Excellency, I think we have a great opportunity and your visit, Excellency, with a huge delegation
03:54alongside the officials and the business leaders of Saudi Arabia is a testament to our shared
04:03vision and underscores the enduring partnership between our two nations.
04:09Excellency, I would also like to highlight Pakistan's journey toward economic recovery.
04:15My colleague, Finance Minister, has thrown light.
04:19After continuous and concerted efforts, we are now on the road to sustainable growth.
04:27We had challenges, undoubtedly, but Excellency, it is not too old story.
04:33I'm talking 2017.
04:35This country had reached the 24th economy of the world and the best economic indicators
04:42we demonstrated, 4% inflation, less than 2% food inflation, 6% GDP growth, highest foreign
04:50exchange reserves still not broken, and all the indicators were at best.
04:58And we were moving with the speed to join G20, a country which is nuclear, a country
05:06which is missile power, only needs to be economically strong.
05:12And this was the journey we were trying to make on double effort to reach the G20 in
05:18the next few years.
05:19But unfortunately, certain elements, external and internal, and coupled by COVID, the pandemic,
05:27this journey was derailed.
05:29So we are back.
05:30Prime Minister Shabazz Sharif made double efforts during his last tenure, 22, 23.
05:36And now the focus is total economy, that we should go back to our goal of joining G20.
05:43And I think working together, I think it is not an impossible task.
05:49Our new homegrown program, supported by the EFF facility, which Honorable Finance Ministers
05:57have mentioned, on 25th of September, makes a significant departure from our past.
06:04The idea is to regain the macroeconomic stability we had gained by 2016-17, and then build and
06:13consolidate our gains, what we achieved by then, in order to have a sustainable growth
06:20and be as possible, as soon we can join the old dream of a leadership, Mian Muhammad Nawaz
06:31Sharif, to join the G20 economic club of the world.
06:36Our strategy revolves around reforms aimed at promoting productivity and competitiveness,
06:44fostering both domestic and external competition, and creating space for private investment.
06:50We are right-sizing the role of the state, reforming state-owned enterprises, and improving
06:57the quality of public services, spending on infrastructure with fast speed.
07:06This structural reforms effort is being contemplated by the commitment of sound macroeconomic policies.
07:15The stable exchange rate is now functioning as a key factor in aligning market conditions
07:23as our economic indicators have improved.
07:27Furthermore, monetary policy is focused on bringing inflation down, and State Bank of
07:35Pakistan has predicted that we would reach, not too far away, between 5% to 7%.
07:41It's already, as Finance Minister shared with you, 6.9% as compared to high 30s just a year
07:50and a half ago.
07:53We have taken steps to ensure that our economic revival agenda is supported by a sustained
08:00effort to strengthen tax administration with broadening of the tax base.
08:08Despite the difficult and often unpopular decisions which have been taken by Mian Muhammad
08:15Nawaz Sharif's government so far, these reforms are already yielding positive results.
08:24Economic indicators are moving in the right direction.
08:27Inflation has come down substantially, our credit rating has shown improvement, and the
08:33current account deficit is narrowing, as shared by the Finance Minister.
08:39These achievements not only signify a turning point for Pakistan, but also make our economy
08:47a more attractive and stable environment for foreign investment and partnerships.
08:54Pakistan with the vast natural resources, dynamic talent pool, and commitment to sustainable
09:01development efforts offers a wide range of investment opportunities in Pakistan.
09:12We are actively fostering innovation, enhancing our infrastructure, and streamlining the regulatory
09:19framework to create an investment-friendly environment.
09:25I think my colleague, Dr. Musabak Malik, has amply explained, and His Excellency heard
09:34from no other than Army Chief last night, from red tapeism to red carpet.
09:40So this is the main key agenda of this government, that the out-of-business, there is a huge
09:50exercise undergoing to privatize the state-owned enterprises, which are not strategically required.
09:59Its number is about a few dozens.
10:02Maybe in due course, many Saudi Arabian investors would like to consider one of these enterprises
10:08offered for privatization.
10:12In the mining, Pakistan boasts an expensive and rich, as detailed, shared by my colleague,
10:19copper, gold, and rare earth metals.
10:22We invite Saudi investors and brothers to explore these opportunities and become part
10:27of the mutually beneficial venture.
10:31The Excellency, the estimated reserves, the value of these mines and minerals, including
10:38garnite, are over 10,000 billion U.S. dollars.
10:44Sometimes people worry about Pakistan debt.
10:47Debt and liabilities are external debt, 130 billion U.S. dollars, as compared to our reserves,
10:55natural resources, 10,000 billion dollars, 10 trillion.
11:00So you can, you know, compare the numbers and see the potential.
11:05Our IT sector, supported by a thriving startup ecosystem and a highly skilled workforce,
11:14is creating unique opportunities for investors to be part of this digital transformation journey.
11:19And Excellency, I understand on 11th tomorrow, you will be visiting Nesta.
11:25And you will be amazed to see, you know, the development Pakistan has taken in the IT sector.
11:31It is mainly led by the Air Force authorities.
11:35And they have really put up a great job throughout Pakistan.
11:39In agriculture and livestock, Pakistan's fertile lands and extensive waterways produce
11:46a diverse range of crops and goods for both local and global markets.
11:51These sectors offer immense potential for investment and collaboration.
11:55Moreover, our commitment to renewable energy is unwavering.
12:00With strong government initiatives, we aim to achieve 60 percent clean energy capacity
12:06by 2030.
12:09Creating lucrative opportunities in solar, hydroelectric and other renewable energy sectors.
12:16Excellency, as you mentioned that the Army Chief shared with you, you know, the possibility
12:25of Pakistan to be, you know, providing and a food security, you know, provider.
12:32It is a reality.
12:33You know, we have vast lands which are cultivable with certain modern technology.
12:39And his team is already working with SIFC and the government relevant quarters on the
12:45agriculture.
12:46I think there are four areas where we have a great potential.
12:49IT, mines and minerals, agriculture and, you know, like food security elements.
12:58So let me assure you that your visit, Excellency, marks a significant milestone in our bilateral
13:06relations.
13:07We look forward to the signing of multiple memorandums of understanding.
13:12And thank you for the valuable participation of yourself, your team, your Vice Minister
13:19and Excellencies and the business delegations who are here.
13:24I may be missing the historic MOU ceremony I was just sharing with, Excellency, the Investment
13:32Minister of Saudi Arabia, that I am being asked to accompany our President of Pakistan
13:38to Turkmenistan for an official visit of just a day.
13:43But it's their 30 years constitution celebrations.
13:48So if I get to, you know, leave, I'll be happy to join.
13:53But otherwise, I'm sure my prayers and my duas will be with you for all the success
13:59to you and your delegates.
14:01Excellency, the MOUs include, I understand, a wide range of sectors, mainly semiconductors,
14:07energy, livestock, manpower and IT.
14:12These MOUs are a result of dedicated follow-up by Your Excellency and your side and our side
14:19public and private sector entities of the direction given by the leadership of both
14:24countries which you very kindly mentioned.
14:28We hope that the signing of these MOUs will usher a new era of cooperation between our
14:33private sectors.
14:35I would also like to commend the honorable members of the Saudi delegations for their
14:40commitment to do business in Pakistan.
14:43These engagements will pave the way for fruitful discussions and agreements and inshallah
14:51will further strengthen our strategic partnership which is already very, very brotherly, close
14:58partnership in the areas of economic areas, trade, security, defense and all, cultural,
15:09all areas.
15:10We are working very closely but I think with your guidance, your help and your leadership
15:16qualities I'm sure we can reach to a new strategic highest level ever high in the history of
15:23both countries.
15:24Excellency, we are eagerly anticipating the visit of His Royal Highness, the Crown Prince
15:30and the Prime Minister, Prince Mohammed bin Salman to Pakistan and as you very kindly
15:37mentioned that the visit had been scheduled but because of certain unavoidable medical
15:44reasons of the King at that time, mashallah he's doing quite well, he's fully recovered
15:49so this visit was temporarily postponed.
15:52So we are all as a nation looking forward to the visit of His Royal Highness at his
15:59earliest possible opportunity.
16:02This visit will not only further strengthen and put a strong bond in our strategic partnership
16:11but will also pave the way for more collective efforts in various sectors we are jointly
16:17looking Excellency.
16:19Once again I extend to you Excellency and your delegation a very warm welcome to Pakistan
16:26and I wish you a very pleasant stay.
16:29It's a very brief stay.
16:31I think you should plan in consultation with your old colleague Dr. Mosaddegh Malik some
16:37break in Pakistan.
16:39He showed you the mountains, he lured you and your delegation, these are wonderful places
16:43in Pakistan which you will never, you will forget Switzerland and it's such an organic
16:50beauty there, untempered that you will love to then repeating your visits to Pakistan
16:56I can assure you and let me tell you Excellency also this country's economy has a great resilience.
17:03We have shown demonstrated when we were declared macroeconomic unstable country in 2013, early
17:102013, the general election had to take place and we were told this country will get out
17:15of the quagmire in 12 to 15 years and no matter which political party would win it
17:22will take you know that long period to deal with the challenges.
17:26Nobody believed this only three years under the leadership of you know Pakistan Muslim
17:32League Prime Minister Nawaz Sharif and now his successor is you know Prime Minister Mohammad
17:38Shahbaz Sharif and it was only three years to reach from the macroeconomic unstable place
17:43to 24th global economy.
17:46Now this is the resilience this country has and its economy has.
17:50So working together there is a great potential you know I talk even broader the 57 countries
17:58if they work together they have everything which they require to be the world global
18:02power.
18:03So I think we need more coordination, more cooperation as you know ex-officio chairman
18:11of Islamic Development Bank in 1998 I triggered a work that we should do and I shared with
18:18my colleague Jam Kamal Sahib, Commerce Minister that what the Islamic countries you know import
18:25from outside 57 countries and what do they export to outside 57 countries.
18:31If you can profile you have a great future actually and Pakistan only requires an increase
18:37of maybe 15 to 20 billion dollars to be all time to come to get rid of any multilateral
18:43support.
18:44So let me assure you Excellency that Pakistan has a great potential and I am a personal
18:50witness because I have been in politics since you know early 90s, I have been investment
18:55by the way I am the you know founder of the investment board in Pakistan that was first
19:01responsibility in 1992-93, Minister of State for Investment and now SIFC is part of Board
19:07of Investment and General Sarfraz is doing with his team a wonderful job to provide one
19:12window of facilitation.
19:14So let me tell you Excellency that we have a great scope to work together to take you
19:20know partnership to a very ever high you know level and I wish you a very pleasant stay
19:27your delegation and I am sure together our countries you know working together to thrive
19:36benefit not only for the two nations but also contribute to the global and regional peace,
19:44stability, development and prosperity.
19:46As you embark on this journey together I assure you a Pakistan commitment to work closely
19:51with our brother Saudi Arabia to turn our shared vision into a reality.
19:57And I am a personal witness to the generosity, to the hospitality, to the cooperation in
20:03the all areas by the Saudi Arabian you know leadership in the last at least four decades
20:12around four decades I have been involved.
20:14So I wholeheartedly once again thank you and thank your delegation, I wish you all the
20:19best and look forward to be interacting with you more frequently.
20:24Thank you very much and God bless you all Pakistan Saudi Arabia brotherhood I will not
20:28say friendship brotherhood Zindabad.