PM Anwar: Economic reforms essential to withstand global ‘slings and arrows’

ISLAMABAD: Datuk Seri Anwar Ibrahim has reiterated the importance of countries maintaining strong economic fundamentals to withstand the “slings and arrows” of global uncertainties and challenges.

Speaking at the National University of Sciences and Technology (NUST) here, the Malaysian Prime Minister said economic reforms need to be instituted despite being unpopular.

“… we mustn’t forget that our economic fundamentals must remain strong and robust to withstand the ‘slings and arrows’ of global uncertainties and challenges. And this must include instituting all the requisite structural reforms no matter how unpopular they may appear at first blush.

“While good and effective medicine may be bitter and hard to swallow, the cure it brings and the fruit of our labour will be well worth the sacrifices,” he said when delivering his keynote address “Echoes of Iqbal: Charting A Future of Renewal and Progress,” at NUST here on Friday (Oct 3).

Anwar said the relationship between Malaysia and Pakistan was deeply rooted in mutual respect and shared aspirations.

“Over the years, our nations have grown closer, not only through trade and diplomacy but through the bonds that unite our peoples,” he said.

According to Anwar, trade between Malaysia and Pakistan continues to flourish, with the current annual trade volume nearing US$2bil, driven by key industries such as palm oil and textiles.

Despite these commendable numbers, he noted there is vast potential for further collaboration in areas like the halal industry and Islamic finance.

“We can blaze the trail on innovative financial instruments, fostering greater participation in Sharia-compliant investments and positioning Islamic finance as a global ethical alternative.

“These efforts must go hand in hand with initiatives in climate change policies, environmental protection and an overarching earnest conviction to make our planet Earth a better place,” he said.

The Prime Minister said Malaysia and Pakistan must also expand efforts to counter radical extremism and the scourge of terrorism either through shared intelligence, strategic partnerships or joint counterterrorism initiatives.

He said both countries must redouble their efforts to combat the threat at its roots.

“The task ahead requires a unified approach that goes beyond military and intelligence collaboration to include educational and social reforms that address the root causes of radicalism and extremism,” he said.

Earlier, the Prime Minister, who is on a three-day state visit to Pakistan, was awarded an Honorary Doctorate of Philosophy by NUST.

NUST is Pakistan’s multi-campus public research university with its main campus located in Islamabad and other campuses throughout the country, providing tertiary education to more than 10,000 undergraduates and post-graduate students.

Anwar who arrived in Pakistan on Wednesday (Oct 2) night, is on his first visit to the South Asian country since assuming office in November 2022.- Bernama