ISLAMABAD: Pakistan High Commission in coordination with the Singapore Business Federation organized a seminar with the title of “Spotlight on Pakistan” to attract Singaporean businesses to invest in Pakistan.
While addressing the seminar, Pakistan’s High Commissioner to Singapore Nasrullah Khan said that Pakistan’s economy has been growing steadily over the last years and it is expected to become higher middle income country in near future.
He said that with a fast growing middle class, increasing urbanization, a rising number of international brands, Pakistan is poised to become a major destination for international businesses.
High Commissioner stressed on Pakistan’s strategic location with potential to become Asia’s premier trade, energy and transport corridor.
He added that Pakistan has initiated much needed reforms which reinforced our broader macroeconomic policies and led to lower budget deficits, increased foreign exchange reserves, and reduced spending on energy subsidies.
He informed that upsurge in Pakistan’s economy, the Reclassification of the Pakistan stock market in the Emerging Markets (EM) Index by the Morgan Stanley Capital International (MSCI), in June 2016.
He told its upgraded Credit Ratings by Fitch Ratings: Rated B, Stable Outlook since 15th September 2015;Moody’s: Rated B3, Stable Outlook since 11th June 2015; Standard & Poor’s (S&P): Raised Pakistan long terms sovereign rating to B from B- on improved economic outlook and better fiscal and external account with Stable Outlook on 31st October 2016 International economic agencies are upgrading ratings for the financial and economic stability of Pakistan.
High Commissioner also informed the participants that Pakistan’s growth rate has exceeded the World Bank’s forecast of a GDP growth of 5.2% for the current year.
He also highlighted that the CPEC was expected to generate massive economic activity in the country which would create opportunities for investments by the private sector and other countries as well.
H.E Shamsher Zaman, Singapore’s Non- resident Ambassador to Jordan and Vice Chairman of Singapore Business Federation’s South Asian business Group, played a proactive role in organizing and making the Seminar a success where in Dr.Yaseen Anwar, ex-Governor State Bank of Pakistan and Advisory Board IMI of Renmin University, Beijing, and Senior Advisor, Industrial and Commercial Bank of China, spoke on “Belt Road initiative and China- Pakistan’s Economic Corridor”.
A highly informative presentation titled “Economic Overview and Outlook”, was made by Mr.AbidSattar, HBL’s Head International Banking ( Asia & Africa).
A wide-ranging briefing by Mr.MueenUddeen, Managing Director, Arcpoint Associates Advisory Pte.Ltd,on”Doing Business in Pakistan”, was also part of the day’s events.
These eminent economists/businessmen along with the High Commissioner and Mr. Mohammad Mehdi, CEO, Nassam Singapore Pte.Ltd were also panelists for experience sharing and discussion on “Doing Business in Pakistan”.
A large number of Singaporean companies attended the seminar and evinced keen interest in the opportunities offered by Pakistan. They enthusiastically participated in the Question- Answer session and panel discussion.
This seminar will be followed by an Investment Conference in August 2017, which is expected to be a much larger event.
