At the 11th Summit of the Developing Eight (D-8) countries in Cairo, Prime Minister Shehbaz Sharif emphasized that investing in youth is crucial for Pakistan’s socioeconomic development. The summit, held from December 18-19, centered on the theme “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
Founded in 1997 in Istanbul, the D-8 Organization for Economic Cooperation, or Developing-8, aims to foster economic cooperation among Egypt, Nigeria, Turkey, Pakistan, Indonesia, Bangladesh, Iran, and Malaysia. The goal is to boost economic growth, sustain development, and improve living standards through enhanced cooperation in sectors like agriculture, trade, transportation, industry, energy, and tourism.
During his address, PM Shehbaz highlighted the importance of investing in youth and small and medium enterprises (SMEs) for Pakistan’s progress. He noted that over 60% of Pakistan’s population is under 30, offering immense potential for innovation and growth. However, he stressed that unlocking this potential requires providing the right skills, opportunities, and financial resources.
The Prime Minister termed youth and SMEs as the key drivers of economic development, saying, “Youth bring energy, fresh ideas, and creativity, while SMEs create jobs, foster innovation, and promote entrepreneurship. By investing in both, we can build inclusive and resilient economies that can meet global challenges.”
PM Shehbaz also mentioned the government’s initiatives to support youth, including the distribution of over 600,000 laptops to high achievers through the PM’s Youth Programme and billions of rupees in loans under the PM’s Youth Business and Agricultural Loan Scheme, which has enabled young Pakistanis to start and scale their own businesses.
He also discussed Pakistan’s efforts to empower its IT sector, noting the country’s status as home to one of the world’s largest freelance communities. “We are focusing on mass-scale IT training to equip our youth with the skills needed to connect to the digital world and seize new opportunities,” he said.
On the topic of connectivity, PM Shehbaz emphasized the need to improve transport links among D-8 member states to build efficient trade corridors and reliable supply chains. He highlighted the “Pakistan-Iran-Turkey Corridor” as an exemplary project.
At the beginning of his speech, PM Shehbaz thanked Egyptian President Abdel Fattah El-Sisi for the warm welcome extended to him and his delegation. He also met with Professor Dr. Muhammad Yunus, the chief advisor of Bangladesh’s interim government, and Indonesian President Prabowo Subianto, and is scheduled to meet with the leaders of Iran, Turkey, and Egypt.
Call for Ceasefire in Gaza
During the summit, PM Shehbaz reiterated his call for a ceasefire in Gaza, where Israel’s ongoing offensive has resulted in thousands of Palestinian casualties. The Prime Minister emphasized the need for peace in the region, stating that without a ceasefire in Gaza, global peace, prosperity, and progress would be unattainable. He also called for discussions on the situation in Gaza and Lebanon, stressing the importance of addressing the humanitarian crises caused by Israeli actions.
The summit included a special session on the “Humanitarian Crisis and Reconstruction Challenges in Gaza and Lebanon,” where PM Shehbaz was expected to further address the Middle East situation.
Strengthening Bilateral Relations with Bangladesh and Indonesia
On the sidelines of the summit, PM Shehbaz held a constructive meeting with Bangladesh’s Dr. Muhammad Yunus, focusing on enhancing bilateral trade and travel. The two leaders discussed deepening historical and cultural ties, boosting trade, and exploring cooperation in sectors like IT, chemicals, and leather goods. They also agreed to improve people-to-people exchanges and reaffirmed their commitment to mutual development.
PM Shehbaz expressed his appreciation for recent steps by Bangladesh to facilitate trade and travel between the two countries, such as waiving the requirement for 100% physical inspection of Pakistani consignments and removing a special security desk for Pakistani passengers at Dhaka airport.
In his meeting with Indonesian President Prabowo Subianto, PM Shehbaz described Indonesia as a reliable trade partner, especially in supplying palm oil. The two leaders agreed to strengthen their bilateral economic and commercial ties and discussed the ongoing situation in Gaza, calling for a ceasefire and a comprehensive resolution to the Palestinian issue. PM Shehbaz also extended an invitation for President Subianto to visit Pakistan, which was warmly accepted.
