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Investment-to-GDP ratio to be raised to 20%: Dar

Investment-to-GDP ratio to be raised to 20%: Dar

ISLAMABAD: Finance Minister Ishaq Dar has emphatically stated that no obstacles will be tolerated in the way of investment in the country.

Addressing the international investment conference in Islamabad, he said the economy has again been put on the track after the setbacks caused by the sit-ins. He said the government will meet its medium and long term development plans and put the country on the path of sustainable and inclusive growth. He reiterated that nobody will be allowed to play negatively with the economy.

The Minister pointed out there is great scope of investment in power, oil and gas, telecom and textile sectors in the country. He assured that the government will ensure full protection of the foreign investment. All the foreign investors will be provided level playing field and extended concessions on equal basis.

Highlighting the initiatives taken by the present government in the last and current fiscal years, Ishaq Dar said the government will launch Islamic bonds and divest shares of Oil and Gas Development Company Limited next month. The country’s first export import bank will become operational before the presentation of next budget.

He said the economy is performing well and inflation remained at seven point five percent in the first quarter of this fiscal year. Similarly, revenue, foreign exchange reserves and remittances have witnessed an upward trend in the first quarter.

Expressing optimism over the future of the economy, the finance minister said the government is pursuing a long term development plan. Under this plan GDP growth will gradually be raised to seven percent and inflation level will be contained at single digit. Besides investment to GDP ratio will be raised to twenty percent from the current twelve percent and tax to GDP ratio to fourteen percent.

He was confident that Pakistan will emerge as the 18th largest economy well before 2025.

Addressing the conference, Minister of State for Information Technology and telecommunication Anusha Rehman said the government is offering special incentives for production of mobiles in the country. We are already engaged with the China mobile for production of local mobiles through public private partnership.

The Minister of state said land has also been acquired for establishment of technology parks in Islamabad, Lahore and Karachi. These parks will also provide opportunties to the investors to invest their capital in.