Profitability, not profiteering, can shore up Pakistan's economy: PM

Premier says a flawed foreign policy in the past caused the country to lose its sovereignty and self-esteem

[fbvideo link="https://www.facebook.com/etribune/videos/228559821379317/"][/fbvideo]

Prime Minister Imran Khan reiterated on Friday that the nation must inculcate in itself a mindset of self-reliance, and urged investors to promote wealth creation and profitability.

"We, as a nation, must change our mindset and become a self-reliant nation to prosper economically," the premier said while addressing a conference on 'economic diplomacy' in Islamabad.

In the past, he added, our foreign policy was aimed, not at the betterment of the masses, but to fetch aid and borrow money. "This flawed policy caused our country dearly as it lost its sovereignty and self-esteem."

"We now must think beyond the shortcuts and bring changes in the financial structure to enable long-term planning for growth."

"Profitability and not profiteering, is what we should opt for to achieve economic stability," PM Imran remarked.

The premier further said that "profitability, businesses and ease of doing business is what we should promote to create wealth and attract investment."



He also noted that the "overseas Pakistanis have been abstaining from investing in the country due to corruption and mistreatment."

"Our investors must create an atmosphere of coordination with the overseas Pakistanis," PM Imran said. "Investors also must ensure assistance, with compassion, to the skilled labour that travels abroad to earn for themselves and their families."

Stressing the need for more businesses at home, he said that Pakistan is a virgin territory and a place of future investment, adding the government has successfully been building this image.

"Therefore we must encourage and promote our youth, businesses and our industries in order to meet the goal of investments," the premier said. "With this teamwork and performance, Pakistan can prove to be a major winner," he concluded.

'Largest operation ever against money laundering'

Earlier, while talking to reporters at the PM House, the premier said that the government is going to conduct the largest operation in the country's history against money laundering.

Referring to the US State Department that, according to the premier, has pointed out laundering of $10 billion annually from Pakistan, the PM said that government is going to begin the largest ever operation against money laundering in the country's history. This, he added, is the reason that a hue is cry is now being raised in Sindh.

The premier further said that Pakistan will borrow from the International Monetary Fund (IMF) on better terms, but that the government is not in a haste to do so.