I would like to congratulate the Securities and Exchange Commission of Pakistan (SECP) and the United States Agency for International Development (USAID) for holding conference on "Non-bank financial sector and Capital Markets".
This conference would provide a platform to the policy makers, international experts and industry players for discussing the challenges faced by our non-bank financial sector (NBF sector) and sharing international best practices in order to suggest a way forward. The NBF sector and the capital markets play a vital role in the development of the economy.
I believe that a strong NBF sector would not only promote savings by offering different asset classes to the investors but will also provide alternative fund raising opportunities to the participants of financial system. The major components of this sector, particularly mutual funds, leasing companies and housing finance must make inroads to the common man.
Ever since the present government came to power, we have pursued a policy of macroeconomic stability and economic growth. Macroeconomic indicators are improving and one after the other, we are resolving key impediments to Pakistan's economic growth. This fact has been acknowledged by international financial institutions as well. The energy and infrastructure projects initiated by the Government as well as the China-Pakistan Economic Corridor are providing a boost to the economic activity in the country. This would not only result in jobs creation but would also improve our efficient allocation of labour and capital.
I am extremely pleased that our capital markets have embarked on a journey of success. The recent inauguration of a single, unified Pakistan Stock Exchange is a major achievement. For this, I would like to give credit to the entire capital market stakeholders including SECP. I am hopeful that the new integrated stock exchange would attract the much-needed strategic investment and technological partnerships.
At the end, I would like to thank SECP and USAID for holding this conference with the objective of providing a more conducive business environment for growth of our Non-Bank Financial Sector and Capital Markets considering the local dynamics and international best practices.