PM urges Saudi, UAE mining collaboration

Prime Minister Shehbaz Sharif said on Monday that Pakistan had achieved macroeconomic stability over the past year with the support of the International Monetary Fund (IMF) programme and emphasized that the country was moving in the right direction toward economic growth.

Addressing Pakistani business leaders and investors in Dubai, Shehbaz highlighted the importance of overcoming economic challenges and focusing on key sectors, including mining, agriculture, and information technology (IT).

"The macroeconomic foundation of the country was strengthened gradually over the past year," he said, stressing that Pakistan must capitalize on its vast mineral wealth.

He lamented the lack of progress in the mining sector, noting that minerals worth trillions of dollars remained underutilized. However, he revealed that Pakistan is now working with the UAE and Saudi Arabia to develop the sector.

Regarding IT, Shehbaz emphasized the need for proper training of the youth, who make up 60% of the population, stating that equipping them with modern skills could significantly boost the economy.

In the agriculture sector, he pointed out that per-acre yield had remained low for decades due to the lack of modern techniques and technology adoption. He noted that Pakistan had fallen behind its neighbors in rice, sugar, cotton, and wheat production, and stressed the need to develop value-added products for economic growth.

To address this issue, Shehbaz announced that the government was funding a programme to send 1,000 fresh agriculture graduates to China for advanced training. Upon their return, they would be equipped with modern knowledge to help increase agricultural productivity.

The prime minister also highlighted positive economic indicators, stating that Inflation had dropped to 2.4% in January; the State Bank of Pakistan's policy rate had decreased to 12%; exports had improved; and remittances had reached $3 billion, a record high.

He called for focused and dedicated efforts to accelerate economic progress and emphasized the need for teamwork to transform society. He also assured that the business community's suggestions would be incorporated into the government's economic programme.

Shehbaz Sharif arrived in Dubai for a two-day official visit to participate in the World Governments Summit (WGS) at the invitation of UAE Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum.

He was accompanied by:Deputy Prime Minister & Foreign Minister Ishaq Dar, Federal Ministers Khawaja Asif, Ahad Khan Cheema, Muhammad Aurangzeb, Sardar Awais Khan Leghari, Attaullah Tarar and Special Assistant Syed Tariq Fatemi.

During his stay, Shehbaz will hold bilateral meetings with UAE leadership and engage with leaders from other WGS-participating countries. This marks his second visit to the UAE since assuming office.