Pakistan Pursues G20 Membership Under Ishaq Dar's Leadership

Pakistan is setting its sights on joining the prestigious G20 club, a group of the world's largest economies. This ambition was recently highlighted by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar during his keynote address at the Pakistan-Saudi Business Forum held in Islamabad. He emphasized that Pakistan's economy is on a path toward sustainable growth, aiming to achieve this dream as soon as possible.

In his address, Ishaq Dar reflected on the government's efforts to stabilize the economy and the vast potential for investment in the country. He noted that back in 2017, Pakistan was recognized as the 24th largest economy globally, boasting a 4 percent inflation rate, food inflation below 2 percent, a 6 percent GDP growth, and the highest foreign reserves. However, he acknowledged that the journey toward G20 membership was disrupted by the COVID-19 pandemic and various internal and external challenges.

Dar highlighted the strong and enduring relationship between Pakistan and Saudi Arabia, which is built on shared history, faith, and values. He expressed gratitude to the Saudi leadership for their unwavering support during Pakistan's recent economic difficulties. He reiterated Pakistan's commitment to the sovereignty and integrity of the Kingdom, emphasizing that the two nations stand together through thick and thin.

With approximately 2.5 million Pakistanis residing in Saudi Arabia, Dar pointed out their significant contributions to both Saudi development and Pakistan's foreign remittances. He described the current moment as a 'pivotal moment' in the history of bilateral ties, indicating that the recent delegation's visit symbolizes a shared vision and a strong partnership between the two countries.

Furthermore, the Deputy Prime Minister mentioned that the difficult and unpopular decisions made by the government are beginning to yield positive results. Economic indicators are showing improvement, with reduced inflation, a narrowing current account deficit, and an enhanced rating that makes Pakistan more appealing for foreign investment.

Dar underscored Pakistan's potential in various sectors, including mining, information technology, agriculture, and renewable energy. He extended an invitation to Saudi investors to explore these lucrative opportunities, expressing confidence that the engagements during this visit would lead to tangible outcomes, further strengthening the economic partnership between the two nations.

Pakistan's ambition to join the G20 reflects its commitment to economic growth and stability. As the country navigates through challenges and seeks to attract foreign investment, the collaboration with Saudi Arabia could play a crucial role in achieving these goals. The future looks promising, and with continued efforts, Pakistan may soon find itself among the ranks of the world's leading economies.