Federal Minister for Petroleum, Dr. Musadik Malik said on Friday that Foreign Direct Investment (FDI) has increased by 55%, while remittances have seen a 44% rise.
Addressing a press conference, he highlighted the government’s efforts to create an investor-friendly environment, which has contributed to this significant uptick in FDI.
He said that the increase in remittances showcases the trust and support of overseas Pakistanis in bolstering the national economy.
“These figures reflect a positive trajectory for Pakistan’s economic stability and growth,” Dr. Musadik Malik said, adding that the government remains committed to sustaining this momentum and expanding investment opportunities.
He said the country is expecting around 3% GDP growth due to the policies of the government, led by Prime Minister Shehbaz Sharif.
The minister expressed optimism that with the increase in GDP, more job opportunities would emerge, improving the living standards of the common people.
Dr. Musadik Malik said that food inflation has decreased by 1.7%, from 48.1%, while overall inflation has dropped to 6.7% from 38%. Pakistan’s foreign exchange reserves have also improved. Growth has been observed in the agriculture and large-scale manufacturing sectors, he added.
He highlighted the government’s focus on the information technology sector, mentioning that a large IT delegation from Saudi Arabia is expected to visit Pakistan.
The minister also pointed out that the trade deficit has decreased and Pakistan’s stock exchange is achieving new milestones, with the renowned financial journal Bloomberg recognizing it as the most emerging market in Asia. He said that due to the government’s efforts, the confidence of the international community has improved.
He further shared that the Malaysian Prime Minister has completed his visit to Pakistan, while delegations from Saudi Arabia and other countries are expected to arrive for agreements.
He reiterated that the government’s priority is to provide maximum facilities to the people. All economic indicators are positive, with exports increasing, the trade deficit decreasing, and inflation dropping to 6.9%, surpassing even expert projections.
Speaking on the China-Pakistan Economic Corridor (CPEC), he said phase two, primarily focused on establishing businesses in Pakistan, had already begun.
The minister also mentioned Russia’s interest investing in Pakistan due to the country’s economic stability. Pakistan is moving toward progress, prosperity, and development due to the prudent policies of the government. Billions of dollars in investment are expected to flow into the country.
He said it has long been the dream of the Pakistan Muslim League-Nawaz (PML-N) leadership to improve the lives of ordinary citizens by providing quality infrastructure, schools, colleges, universities, and hospitals.
In contrast, he said, the opposition’s leadership seeks destruction, chaos, and politics of hate and abuse. He lamented that Pakistan Tehreek-e-Insaf (PTI) staged a sit-in when the Chinese President was due to visit in 2014, which delayed the launch of CPEC. Similarly, when Malaysian Prime Minister Anwar Ibrahim was in Islamabad, the PTI chairman called for a march towards D-Chowk.
He said that the Shanghai Cooperation Organization (SCO) summit was a great honor for Pakistan, and any agitation during this time would send a negative message about the country. “We must present the world with Pakistan’s soft and positive image,” he said, urging the opposition to raise their issues in Parliament.
The minister called for the opposition to acknowledge Pakistan’s economic development at a time when the world is appreciating it.
Dr. Musadik Malik recalled that the PTI leadership once asked the IMF to halt an agreement with Pakistan. He also mentioned that despite concerns over the outcome of the 2018 elections, the PML-N leadership offered the PTI government charter of the economy. Additionally, Bilawal Bhutto Zardari extended cooperation to PTI on the floor of the house.
He added that during the PTI government’s tenure, top PML-N leaders, including Nawaz Sharif, Shehbaz Sharif, Maryam Nawaz, Hamza Shehbaz, Saad Rafique, Rana Sanaullah, and Khawaja Asif, were arrested. Leadership from the PPP, including Asif Ali Zardari and his sister, were also detained.
Dr. Musadik criticized the PTI for its maligning campaign against state institutions. He said that military installations and memorials of the country’s heroes were targeted and attacked by PTI workers on May 9.