'Pakistan is open for business': PM Shehbaz makes investment pitch in Riyadh

Prime Minister Shehbaz Sharif on Tuesday said Pakistan is open for business and offers opportunities in various sectors of the economy including clean energy, as he pitched the economy to investors at the Future Investment Initiative Summit (FII) currently under way in Riyadh, Saudi Arabia.

The prime minister is attending the three-day Future Investment Initiative Summit (FII), a forum often referred to as 'Davos in the Desert' held in the capital of Saudi Arabia, Riyadh, to discuss challenges of the global economy.

In his address, the prime minister said that technology is a “great equaliser, which can cut through social, cultural and financial barriers, and empower those who are equipped to leverage it”.

“In Pakistan, I have seen with great satisfaction, how young men and women are crafting their careers as I have seen in Riyadh,” he said.

He said that Pakistan is uniquely positioned to “leverage this change”, citing a young tech-savvy population.

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“Pakistan is the fourth most popular country of freelancers. Consider this combination, a large and young digital-savvy population and a massive unmet demand that simply cannot be addressed through existing means of production.

“The importance of this huge demand can be recognised by investors and entrepreneurs present,” he said.

On climate change, Shehbaz expressed that “global warming is upon us” as extreme temperatures are changing weather patterns and disrupting the balance of nature and ecosystem.

“Countries like Pakistan, with less than 1% of carbon emissions, are vulnerable to the impact of climate change,” he said, citing recent flash floods which inundated one-third of the country.

“This was not because of our making and was purely climate change-induced. Therefore, the northern globe has to understand that the countries that have become victims of climate-induced torrential devastation should be supported and given due help in terms of technology and design to have a robust infrastructure,” said the PM.

Shehbaz informed that over 33 million people were impacted due to recent flash floods, while more than 1,700 persons perished.

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The prime minister lauded the assistance provided by friendly countries, especially the Kingdom of Saudi Arabia for their “timely support”.

“As society places a greater premium on sustainability, clean energy is the driver of the new economy,” said PM Shehbaz said in his concluding remarks.

“As Prime Minister of Pakistan, I am leading from the front for the development of 10,000 MW of solar power, to meet Pakistan's peak load demand,” he said, adding that switching to renewable is crucial for economies like Pakistan which cannot afford to import oil and gas at exorbitant rates.

“We are also upgrading our infrastructure, whereas the market is expanding with a young and growing population. Moreover, the government is encouraging private enterprises to drive the economy,” he said.

“I would like to invite investors present to come forward to invest in the clean energy sector,” he said.

Furthermore, Shehbaz proposed that FII should consider establishing a satellite centre in one of Pakistan’s leading universities, to explore the rapidly growing market in the country and spur innovation among its young population.

“The satellite could become the centre of a network of researchers, innovators, investors and service provides to harness this capacity, which if optimize would take Pakistan to a high level of social and economic development,” he said.

Hundreds of CEOs and finance moguls are expected in Riyadh from Tuesday for a Davos-style investment conference that analysts say will highlight Saudi Arabia's geopolitical muscle despite strained ties with the US.

During his two-day stay in Riyadh, PM Shehbaz will also hold consultations with the Saudi Crown Prince to review the longstanding fraternal relations, with a view to further strengthening the multifaceted cooperation, especially in the economic field.

The FII, launched in 2017, is a showcase for Crown Prince Mohammed bin Salman’s Vision 2030 development plan to wean the economy off oil by creating new industries that also generate jobs for millions of Saudis, and to lure foreign capital and talent.

FII organisers said this year’s edition attracted 7,000 delegates compared with 4,000 last year.