OBOR will give huge boost to Pak investment prospects: Sharif

Addressing a business-centric Pakistan forum in Hong Kong on Wednesday, Pakistan Prime Minister Nawaz Sharif praised China for its One Belt One Road (OBOR) initiative, saying that it would give a huge boost to investment prospects in his country.

The Dawn quoted him, as saying, "The service industry, particularly telecommunications, hospitality and online commerce are fast growing into attractive areas for investment."

"Pakistan is emerging as an expanding market for international products with a fast-growing middle-class, increasing urbanisation, growing popularity of international food products and a rising number of international brands," he added.

"Pakistan is poised to become a major destination for international businesses," he stated further.

He also revealed that from a mere three per cent Gross Domestic Product (GDP) growth before 2013, Pakistan is on course to achieving a growth rate of well over five per cent in fiscal 2017-18, and seven percent by 2019.

Giving a thumbs up for his government's policy reforms, Sharif said, "These reforms are multi-faceted. We (have) reduced bank interest rates, eliminated tax exemptions to provide a level playing field, strengthened our tax administration, rationalised loan targeted subsidies and widened our social safety nets."

Prime Minister Sharif also pitched 'Pakistan's Vision 2025', saying, "It maps Pakistan joining the top 25 economies of the world, leading to upper-middle income country status by 2025.

Nawaz stated that certain segments of the economy were thriving, which could prove to be a suitable investment outlet for foreign investors seeking opportunities in the country.