"We believe that we have laid the foundation of a stable and strong economy and the stage is now set for the economy to grow more vigorously (at) 8 percent per annum over the next several years," Aziz told participants in the opening session of the Sixth Jeddah Economic Forum, in the Red Sea city of Jeddah.

He said the Pakistani economy improved immensely during the past five years, so that it is "no longer fragile ... and healthier, while the private sector is buoyant."

"Today, the import of machinery is up at least by 40 percent," compared to few years ago, Aziz said highlighting the role of private sector in developing the economy of the country of 150 million people.

Aziz said more structural reform is needed for his country's economy, as that is "the essence of development."