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Youth and SMEs as Key Drivers of Economic Growth: Highlights from the D-8 Summit

4 minutes read

Youth and SMEs as Key Drivers of Economic Growth: Highlights from the D-8 Summit

4 minutes read

On December 19, 2024, Prime Minister Shehbaz Sharif attended the 11th D-8 Summit in Cairo, a gathering of member countries including Egypt, Nigeria, Turkey, Pakistan, Indonesia, Bangladesh, Iran, and Malaysia. This summit emphasized economic collaboration and development among emerging economies, with a special focus on youth empowerment and small and medium enterprises (SMEs) as catalysts for sustainable growth.

Youth Empowerment: Pakistan’s Strategic Priority

Prime Minister Sharif underscored the immense potential of Pakistan’s youth, which constitutes over 60% of the country’s population. This demographic advantage, he asserted, can be a transformative force if effectively harnessed. To this end, the Pakistani government has implemented several youth-centric initiatives:

1. Access to Modern Education

Education remains at the heart of Pakistan’s strategy for youth empowerment. The government has distributed over 600,000 laptops to deserving students since 2013, bridging the digital divide and encouraging academic excellence. Furthermore, scholarships and technical training programs have been launched in cutting-edge fields like artificial intelligence, data analytics, and cybersecurity, ensuring that Pakistan’s youth are equipped with skills for the future.

2. Entrepreneurial Ecosystem Development

Recognizing the importance of entrepreneurship, the government has introduced initiatives such as Startup Pakistan and the National Innovation Awards. These programs aim to nurture innovative ideas and build a robust startup ecosystem. In addition, the Youth Business and Agriculture Loan Scheme has disbursed billions of rupees to aspiring entrepreneurs, enabling them to establish and expand their businesses.

3. Targeted Employment Programs

Employment remains a critical focus, with the government committed to creating job opportunities through both public and private sector collaborations. Prime Minister Sharif highlighted Pakistan’s intent to further enhance vocational training and job placement services for young people, ensuring they can contribute effectively to the national economy.

SMEs: The Backbone of Economic Growth

Prime Minister Sharif identified SMEs as a cornerstone of economic development, given their capacity to drive innovation, generate employment, and boost exports. At the summit, he outlined the government’s commitment to bolstering this sector through various measures:

Preferential Trade Agreements (PTAs)

To facilitate SME growth, Pakistan has spearheaded the implementation of a preferential trade agreement among D-8 countries. This initiative aims to streamline trade processes, reduce barriers, and create new markets for SMEs across member states.

Infrastructural and Financial Support

The government is also working on policies to provide financial assistance and infrastructural support to SMEs. This includes easier access to credit, reduced regulatory burdens, and incentives for innovation.

International Collaboration

Encouraging collaboration among D-8 nations, Prime Minister Sharif advocated for shared resources and technology to empower SMEs and promote regional economic integration.

The D-8 Vision for Connectivity and Innovation

Connectivity emerged as a central theme at the summit, with Prime Minister Sharif emphasizing the need for efficient intra-regional trade corridors and reliable supply chains. He argued that better connectivity among D-8 member states would not only enhance trade but also contribute to peace and prosperity.

He also highlighted the role of innovation in driving economic growth. Pakistan, through its National Science, Technology, and Innovation Policy, is prioritizing research and development to ensure that SMEs remain competitive in the global market.

Global Concerns: A Call for Peace

While the summit primarily focused on economic growth, Prime Minister Sharif did not shy away from addressing pressing global issues. He called for an immediate ceasefire in Gaza and reiterated Pakistan’s commitment to global peace and stability. His remarks resonated with the broader theme of the D-8 Summit, which seeks to foster collaboration not just for economic prosperity but also for global harmony.

Azerbaijan Joins the D-8 Family

In a historic move, the D-8 Summit welcomed Azerbaijan as its newest member. This expansion reflects the growing relevance of the organization in shaping the global economic landscape. Prime Minister Sharif lauded this development, expressing hope that Azerbaijan’s inclusion would further enhance the group’s collective strength.

Conclusion

The 11th D-8 Summit showcased Pakistan’s unwavering commitment to empowering its youth and SMEs as key drivers of economic development. Prime Minister Shehbaz Sharif’s address underscored the importance of education, innovation, and regional collaboration in achieving sustainable growth. By investing in its youth and supporting SMEs, Pakistan not only aims to strengthen its economy but also contribute to the collective prosperity of the D-8 member states.

This vision, combined with targeted initiatives and international cooperation, holds the promise of a brighter future for Pakistan and the broader D-8 community.

 

 

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