DAVOS (MNN); Prime Minister Shehbaz Sharif on Wednesday said that export-led growth was the sole viable strategy for Pakistan’s sustainable economic progress, stressing that the country must focus on boosting exports to move forward.
The prime minister made these remarks while addressing a breakfast meeting at the Pakistan Pavilion on the sidelines of the World Economic Forum (WEF) in Davos. He said Pakistan was advancing with a clear sense of direction and achievement, pointing to declining inflation and a reduced policy rate as positive indicators.
However, he acknowledged that exports continued to face multiple challenges and that social indicators required further improvement through sustained collective efforts. He emphasised that despite existing hurdles, the roadmap was clear and Pakistan must pursue export-oriented growth.
PM Shehbaz said the government had introduced fundamental structural reforms, including the digitalisation of revenue collection. He noted that the tax-to-GDP ratio had increased to 10.5 per cent from 9 per cent two years ago, describing it as a significant milestone.
Highlighting opportunities in the mining sector, he said Pakistan had entered the mines and minerals business in a major way, citing agreements and memoranda of understanding with American and Chinese firms. He added that the country possessed vast untapped natural resources across Gilgit-Baltistan, Azad Jammu and Kashmir, Khyber Pakhtunkhwa and Balochistan.
The prime minister also said Pakistan was making rapid progress in cryptocurrency, artificial intelligence and information technology. He noted that IT exports had reached around $3 billion annually due to facilitative policies introduced over recent years.
Speaking about youth empowerment, PM Shehbaz said federal and provincial governments had launched several vocational training programmes, enabling young Pakistanis to secure productive employment in Gulf countries and other regions due to improved skills and qualifications.
Referring to relations with the United States, the prime minister expressed optimism about enhanced cooperation in areas such as mining, counter-terrorism, IT and AI. He said Pakistan was positioned for rapid growth in agriculture, industry, mining, AI and IT, adding that the country’s future looked highly promising.
IMF chief acknowledges reforms
Earlier, PM Shehbaz met International Monetary Fund Managing Director Kristalina Georgieva on the sidelines of the WEF. According to the Prime Minister’s Office, he briefed her on improvements in Pakistan’s macroeconomic indicators, stabilisation measures and progress on institutional reforms.
He reaffirmed Pakistan’s commitment to fiscal discipline, revenue mobilisation and sustainable development. Georgieva appreciated Pakistan’s reform efforts and stressed the need to maintain reform momentum to ensure long-term economic stability. Both sides also discussed global economic challenges, particularly those faced by emerging economies, and underscored the importance of multilateral cooperation.
PM meets Palestinian premier
The prime minister also met Palestinian Prime Minister Mohammad Mustafa, who thanked Pakistan for its consistent and principled support for the Palestinian people and their stance at international forums.
The prime minister is on a three-day visit to Davos from January 20 to 22 to lead a high-level Pakistani delegation, including Deputy Prime Minister and Foreign Minister Ishaq Dar. In a post on X, PM Shehbaz said his visit aimed to strengthen Pakistan’s engagement with global trade and investment partners and convert reform-driven opportunities into long-term investment.
Dar’s engagements
Meanwhile, Deputy Prime Minister and Foreign Minister Ishaq Dar inaugurated the Pathfinder Group’s Pakistan Pavilion at the WEF, highlighting Pakistan’s economic potential and the innovation of its start-up ecosystem. He reaffirmed the government’s support for youth-led entrepreneurship.
FM Dar also met Canadian Foreign Minister Anita Anand, with both sides agreeing to explore ways to enhance bilateral economic and trade relations. Later, he held talks with Finnish Foreign Minister Elina Valtonen, reaffirming commitments to strengthen cooperation in trade, investment and other key areas, while exchanging views on regional and global developments.
