Pakistan will be part of G20 by 2030, claims Ishaq Dar
Deputy Prime Minister and Foreign Affairs Ishaq Dar Tuesday expressed satisfaction over the pace of Pakistan’s economic development, claiming that the country would soon stand among developed nations and to become a part of the G20 by 2030.
Dar made these remarks while addressing the foundation stone-laying ceremony for the new headquarters of the Competition Commission of Pakistan (CCP) in Islamabad, a press release said.
The ceremony was attended by Federal Minister for Law and Justice Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, Minister Ali Pervaiz Malik, Federal Secretary for Law and Justice Raja Naeem, Chairman of the Competition Commission Dr Kabir Ahmed Sidhu, Chairman of the Securities and Exchange Commission of Pakistan (SECP) Akif Saeed, and other senior officials.
Speaking on the occasion, Dar emphasized that all regulatory bodies should continue to work collaboratively and effectively to further accelerate the country’s growth.
The deputy prime minister underscored the importance of a strong Competition Commission in ensuring a level playing field for businesses and fostering investment in Pakistan. He pointed out that, unfortunately, cartels have formed in the country’s markets, exploiting consumers and hindering the effectiveness of government initiatives. Given this scenario, he stated that the Competition Commission has a dual responsibility: not only to take action against cartels but also to protect consumer rights.
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Expressing concern, he noted that while the Competition Commission takes bold decisions, court-issued stay orders prevent these cases from reaching their logical conclusion. However, he expressed hope that under the leadership of Law Minister Azam Nazeer Tarar and Finance Minister Muhammad Aurangzeb, the Competition Commission would achieve further success.
He also praised Chairman of the Competition Commission Dr. Kabir Ahmed Sidhu for effectively steering the commission in the right direction.
Reflecting on past economic challenges, Ishaq Dar recalled that in 2013, Pakistan was considered a macroeconomically unstable country, with investors contemplating moving their capital abroad. However, he asserted that with the right strategy, such challenges can be managed effectively.
He emphasized that Pakistan is rich in natural resources and needs to explore its hidden wealth. As a nuclear and missile power, Pakistan is on the path to joining the ranks of developed nations. He firmly stated that Pakistan could become part of the G20 by 2030 if all regulatory bodies work together.
Ishaq Dar noted that March 4 marked the completion of one year of Prime Minister Shehbaz Sharif’s government, coinciding with the foundation stone-laying ceremony of the CCP’s new building—a significant milestone. He pointed out that in 2018, Pakistan was ranked as the world’s 24th largest economy, just four spots away from G20 membership.
The Deputy Prime Minister further claimed that certain elements are attempting to push Pakistan towards economic default, as they find its nuclear power status intolerable. Stressing the importance of collective efforts, he said that if everyone worked as diligently as Prime Minister Shehbaz Sharif, Pakistan would soon achieve economic development and stability.
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