Cairo, December 19, 2024: Prime Minister Shehbaz Sharif, addressing the 11th Summit of the Developing Eight (D-8) countries in Cairo, emphasized the importance of investing in youth as a key driver of Pakistan’s socioeconomic progress.
The D-8 Organization for Economic Cooperation, established in 1997 in Istanbul, consists of Egypt, Nigeria, Turkey, Pakistan, Indonesia, Bangladesh, Iran, and Malaysia. The theme of this year’s summit, held from December 18 to 19, is “Investing in Youth and Supporting SMEs: Shaping Tomorrow’s Economy.”
In his address, PM Shehbaz stated, “For Pakistan, investing in youth and supporting small and medium enterprises (SMEs) is critical to our nation’s development.” With more than 60 percent of Pakistan’s population under the age of 30, he noted, the country possesses vast untapped potential for innovation and growth. However, he pointed out that realizing this potential requires the right skills, opportunities, and financial support.
The Prime Minister further emphasized that the summit’s theme is not only relevant for Pakistan but provides a blueprint for collective prosperity across the D-8 nations. He described youth and SMEs as “key drivers of economic growth,” with youth contributing energy, fresh ideas, and creativity, while SMEs generate jobs, stimulate innovation, and promote entrepreneurship. “By investing in both, we can create inclusive, resilient economies that are prepared to meet the global challenges of today and tomorrow,” he said.
PM Shehbaz also outlined the government’s commitment to empowering Pakistan’s IT sector, highlighting the country’s status as home to one of the largest freelance communities globally. “We are focusing on large-scale IT training to equip our youth with the tools needed to engage in the digital economy, enabling job-seekers to become job-creators,” he added.
He also pointed to the PM’s Youth Programme, which has provided over 600,000 laptops to high achievers, and the Youth Business and Agricultural Loan Scheme, which has distributed billions in loans to help young Pakistanis start and scale their businesses.
The Prime Minister emphasized the summit’s potential for D-8 countries to exchange best practices, pool resources, and create programs that support youth and SMEs across borders. “Connectivity is a powerful enabler of peace and prosperity,” he said, referencing the 2021 Dhaka Declaration. “We must explore ways to improve transport connectivity among D-8 nations to build efficient trade corridors and reliable supply chains,” he added, highlighting the “Pakistan-Iran-Turkey Corridor” as a model project.
At the beginning of his speech, PM Shehbaz expressed his gratitude to Egypt’s President Abdel Fattah El-Sisi for the warm hospitality extended to him and his delegation.
