PM ATTENDS A SUMMIT IN SAUDI ARABIA ON FUTURE INVESTMENT INITIATIVES.
RIYADH, SAUDI ARABIA — On Monday, Prime Minister Muhammad Shehbaz Sharif emphasized the importance of combining efforts to fully harness the potential of renewable energy resources and to use modern tools and technological devices to explore new opportunities for progress and prosperity.
Speaking at a conference on the “Future Investment Initiative,” PM Shehbaz emphasized that the potential of clean energy would be the new driver of economic growth and urged the international community to step forward and support these collaborative efforts.
Nothing could be more crucial to us than this particular problem: how to make sure that everyone’s tomorrow is better than their present. And that we are prepared for it; that is, we have the knowledge, abilities, and technology necessary to not only traverse the complicated world of tomorrow but also to influence it now in a way that will benefit humanity the best,” he continued.
He added that these were truly transformative times, noting that periods like this have historically led to transformations in politics, society, the environment, and the economy. Imagination, invention, and action were the driving forces behind these transformations.
“Yes, bold, decisive action that has lasting effects. However, the rate of development and change has never been as rapid as it is now. We are in a good position to take advantage of the dynamics of change as the power of technology propels the globe into a future that few could have predicted in the past, the speaker concluded.
The PM asserted that technology was a tremendous equaliser that could break through social, cultural, and economic boundaries and empower those who knew how to use it.
The PM highlighted the need of making daring and inventive technical leaps that had resulted in significant advances in every sphere of life.
He continued that recent technical advancements had brought about changes in the globe that were unimaginable in the past.
He claimed that by employing technology in a variety of fields within a wider digital matrix like e-commerce, young people in Pakistan were building their careers and increasing their earning potential.
“Pakistan is particularly positioned, in my opinion, to benefit from this transition. Our population is among the youngest in the entire world. The majority of these children have access to modern digital tools. They are ravenous for new possibilities and skills. Pakistan is the fourth most popular country for freelancing, thus their talent is already well known, he continued.
The PM cited this mix of factors: a sizable population that is technologically adept and young, as well as a sizable unmet demand that could not possibly be satisfied using current manufacturing techniques.
A modern Pakistani family has access to mobile phones and the internet, aspirations for a high degree of education, a desire to purchase consumer goods, and needs for everything from insurance to healthcare, he added.
The PM claimed that the present investors and businesspeople could understand and recognise the significance of this concentrated demand.
“The Pakistani market is ready for innovation. A new generation of Pakistani businesspeople is eschewing traditional ventures in favour of disruptive innovations, the speaker continued.
The PM expressed his profound trust in Pakistan’s young population. He was therefore completely willing to commit the resources of his government to create an atmosphere that would encourage innovation.
While technology was opening up new possibilities, the world was simultaneously going through cataclysmic changes, he observed.
Global warming has started. Over time, extreme temperatures are altering weather patterns and upsetting the natural order of our ecosystem. Pakistan and other nations with small carbon footprints are particularly vulnerable to the negative effects of climate change, he added.
The PM, Shehbaz Sharif, went on to explain that this year’s record floods in Pakistan were caused by a historic heat wave in March and severe rains from June to August.
More than 1,500 people have died as a result of these rains and floods, which have affected 33 million people. Over 3.5 million acres of crops have been lost, and over two million homes have been damaged, in addition to farmland, orchards, bridges, and transportation systems.
The PM reaffirmed their resolve to reconstruct people’s lives, means of subsistence, and climate-resilient infrastructure. Therefore, sustainability depended on current climate action.
He claimed that clean energy was the engine of the new economy as society placed a higher value on sustainability. He specifically referenced his administration in Punjab province, which had investigated solar power in 2012 and created a 1000 MW solar power facility in Bahawalpur, south of Lahore. Since then, it had the capacity to produce an additional 400 MW.
“To satisfy Pakistan’s peak load demand and reduce reliance on fossil fuels, I am leading the building of 10,000 MW of solar power. Investors seeking appealing returns should take advantage of this fantastic opportunity, he continued.
The importation of expensive oil to produce electricity, according to the PM, was no longer feasible for Pakistan’s economy.
He asserted that Pakistan has urgent infrastructure development needs and was modernising its water, gas, power, roads, railways, and digital infrastructure.
“The market is growing due to a young and expanding population. The economy is being driven by private businesses thanks to our administration. He asked the attendees to take part in these cutting-edge commercial opportunities and help unlock Pakistan’s potential while earning lucrative returns on their investments. “The government is investing in public goods; they too are accessible for collaborations,” he remarked.
In order to explore Pakistan’s rapidly expanding market and encourage entrepreneurial innovation among its young population, the prime minister suggested that the Future Investment Initiative consider setting up a satellite centre in one of the country’s top universities. Pakistan has a large number of higher education institutions, some of which are recognised internationally.
He said that the satellite may serve as the hub of a network of scientists, entrepreneurs, financiers, and service providers to harness the capabilities that, if optimised, would advance Pakistan’s social and economic growth.
The PM claimed that his interest in learning new things and his passion for technology had brought him into contact with subject matter specialists who had helped him decide how to use technical tools and knowledge to enhance government.
“I saw the fruits of my policies when I introduced tech innovations in the educational and health sectors,” he said, adding that these initiatives liberated new modes of public service delivery, improved access and quality, and gave the people more power to hold the government to account. He served as the chief minister of the province of Punjab for ten years.
We supported people with disabilities, provided timely agricultural inputs to farmers, distributed free laptops to thousands of deserving students, established a high-tech safe city project, set up smart schools, incorporated digital technology into our immunisation programme, and connected markets for more equitable buying and selling using technology, he claimed.
He claimed that as prime minister, it was his responsibility to make sure that Pakistan and its dynamic inhabitants had the means necessary to actively participate in the global technological transition.
Pakistan, according to the prime minister, is open for business.
“Let me assure you that as a country, we are now poised to grasp the future with both hands. In these trying times, as Prime Minister, I’m determined to provide effective and capable leadership, the prime minister emphasised.
In order to unleash their combined energy and create the future they all desired for their future generations, he advised the participants to link hands.
The PM declared that speaking before this esteemed group was both an honour and a privilege.
The Future Investment Initiative Institute, he claimed, has developed into a powerful and action-oriented platform since its founding in 2017 and has contributed significantly to the worldwide conversation on important problems.
The environment, social, and governance ideals that it upheld provided the ideal framework and, possibly, a prism through which to view and evaluate the worlds of today and tomorrow, he continued.
The prime minister also thanked the friendly and kinship nations for their prompt assistance in the wake of the disastrous flood.
In particular, he praised the generosity of the Kingdom of Saudi Arabia and Saudi Crown Prince Mohammed bin Salman for establishing an air bridge between their two countries so that aid could be sent to flood victims in Pakistan.
