Pakistan Foreign Minister Shah Mahmood Qureshi has called for building partnerships between the public and private sectors to put the country on the path of prosperity.
Speaking at the launching event of the ‘Pakistan Sustainable Development Goal (SDG) Investment Report 2021 – Leveraging Private Investments for Pakistan’s Sustainable Development’ stressed the involvement of both public and private sectors to increase investments in Pakistan’s development sector for the attainment of SDGs.
He particularly highlighted the need to focus on health, agriculture, renewable energy and infrastructure in order to ensure that development is sustainable. The Foreign Minister also reaffirmed Pakistan’s commitment towards facilitating its international partners to strengthen their economic and development investments in Pakistan and encouraged them to benefit from the unique propositions presented in the Report.
“The government of Pakistan is consistently communicating its desire to attract direct foreign investment and technology transfers to Pakistan to be part of global value chains,” Qureshi said, adding: “We are fully committed to mobilising public and private investment on sustainable infrastructure and climate finance.”
The report showcases Pakistan’s business portfolio and potential for attracting private sector investments aligned with the United Nations Agenda 2030 and the Sustainable Development Goals(SDGs).
The report has been prepared under the lead of the Ministry of Foreign Affairs, in collaboration with the United Nations Development Programme (UNDP) and the Board of Investment (BOI).
Qureshi thanked UNDP Pakistan for providing excellent support, policy advice and technical assistance for positioning Pakistan’s SDGs investment portfolio at global investment platforms and developing the country’s first-ever SDG Investor Map.
Pakistan’s SDG Investment Report 2021 will help leverage and mobilize the much-needed finance for sustainable development in the country. It will go a long way in addressing the socio-economic challenges posed by the COVID-19 pandemic and helping Pakistan build forward better.
FM Qureshi also outlined his vision of Economic Diplomacy which is geared towards the advancement of Pakistan’s Economic Security agenda. Noting the upward trajectory of Pakistan’s macro-economic indicators amidst the COVID-19 pandemic, he underscored the imperative of exploring innovative financing solutions.
The event was attended by Chairman BOI, Special Assistant to the Prime Minister on CPEC Affairs, Resident Representative of UNDP Pakistan, members of the Diplomatic Corps, UN agencies, private sector, think-tanks and media.
Highlights of the Report
USD 1 billion SDG investment opportunity: With a market size of 210 million people and a growing economy, Pakistan offers multi-billion-dollar investment opportunities in sectors aligned
with the SDGs. These sectors include transport and logistics, renewables and alternative energy, healthcare, education, and technology and communication.
From stabilization to growth: Pakistan’s economy has shown great resilience in dealing with the challenges associated with the COVID-19 pandemic, while simultaneously putting in place key policies and reforms to stabilize fiscal imbalances. With a 3.98% GDP growth rate in 2020-2021, Pakistan aims to achieve a 5 to 6% growth in the next two years.
Flagship initiatives on clean and green economy: Prime Minister Imran Khan is spearheading major initiatives of his government for a “Clean and Green economy” and mitigation of climate change risks with projects such as Pakistan’s “Billion Tree Tsunami” programme. There are huge impact investment opportunities in the renewable energy, transport, water and sanitation and agriculture sectors in Pakistan.
Liberal investment policies: Pakistan has one of the most liberal policies in the region for international investors. The Prime
Minister reached out to investors himself during the first year of his government with a clear message to facilitate long term investments to enhance productivity, job creation and increased exports.
Ease of doing business: Pakistan has implemented key reforms to improve the Ease of Doing Business for existing and new businesses. Pakistan improved 28 points from 136 to 108 in the World Bank’s Doing Business Report 2020.
China Pakistan Economic Corridor (CPEC): CPEC adds further to Pakistan’s strength as it enhances the country’s connectivity to new markets. This is part of China’s strategic Belt and Road Initiative (BRI) which was launched in 2013 with ambitious USD 575 billion investments in regional connectivity to develop new markets across 70 countries.
Public-private partnerships: Public-private partnerships (PPP) are being encouraged by the Government in both infrastructure projects as well as for the delivery of social services.
Specialized Economic Zones: To expand production capacity, increase exports, and generate employment, the Government is developing Specialized Economic Zones (SEZs) and Technology Parks. These zones provide tax incentives, security and cost reduction through the provision of utilities, banking, and logistic services.
Unique development partnership: It is time to explore a strategic partnership among policymakers, the private sector, technology providers, and international development institutions to expand the pool of development financing and to reach out to the marginalized segments of society.