PM stresses for investing in youth to help build robust economies

Cairo: Prime Minister Muhammad Shehbaz Sharif says the Eleventh Developing Eight summit is a golden opportunity for collaboration in the promotion of Small and Medium Enterprises.

Addressing the summit in Cairo, Egypt today, he said Pakistan's Federal Cabinet has approved Preferential Trade Agreements with member countries of D-8 and the implementation of its protocols.

He said youth and small and medium enterprises are key drivers of economic growth. He said SMEs create jobs, foster innovation and promote local entrepreneurship.

Prime Minister said investing in youth and promoting the trend towards small and medium enterprises is of utmost importance for our socio-economic development.

Prime Minister said more than 60 per cent of Pakistan's population comprises youth. He said the majority of the youth are under the age of 30, who can play a significant role in innovation and development.

Highlighting the government's measures to encourage youth to become entrepreneurs, he said the Government of Pakistan, through its flagship youth program, is committed to providing quality education, creating employment opportunities, and providing productive opportunities.

Since 2013, the program has distributed over 600,000 laptops to deserving and capable students and awarded thousands of scholarships.

He said millions of youth have been provided technical training in artificial intelligence, data analytics, and cyber security. Pakistan is home to one of the largest freelancer communities in the world.

Shehbaz Sharif emphasized that investing in youth will help build inclusive and robust economies to face the global challenges of today and tomorrow.

He said youth brings energy, fresh ideas and creativity, whereas small and medium enterprises create jobs foster innovation and promote entrepreneurship.

He said the Government of Pakistan has provided billions of rupees in loans through the Youth Business and Agriculture Loan Scheme, which aims to help young Pakistanis get back on their feet.

Talking about other initiatives, he said Startup Pakistan and the National Innovation Awards, aim to foster a promising startup ecosystem and provide incubation opportunities.

Prime Minister Shehbaz Sharif joined leaders of the developing countries as they gathered to attend the 11th D-8 Summit in Cairo.

He was warmly received by President of Egypt Abdel Fattah El Sisi on his arrival at the Royal Palace.

He penned his remarks in the visitors’ book and shook hands with the participating leaders before posing for a group photo which followed the formal start of the session.

The theme of the summit is “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”