ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has said that export-led growth is the only viable strategy to permanently rescue Pakistan from economic crises and put it on the path of sustainable development.
He expressed these views during a meeting with a delegation of leading industrialists and exporters, led by former Chairman of the Pakistan Business Council (PBC) Shabbir Diwan. The meeting was part of the government’s ongoing consultation process with the private sector and the industrial community, aimed at incorporating stakeholders’ views in the preparation of the upcoming budget and policy-making related to economic reforms. During the discussion, the Finance Minister stressed that it is necessary to increase production and exports to take the country’s economy out of repeated IMF programs. He said that every sector has to play its role, and we have to move away from protectionist policies and towards a competitive economy. He clarified that unnecessary protectionism in the current system has made local industry uncompetitive, and the Prime Minister is personally overseeing policy reforms aimed at establishing an open and fair market.
The Finance Minister, while terming rising production costs, expensive energy, and a complex tax system as the main obstacles, said that the development of local industry is not possible without addressing these structural issues. He said that the upcoming federal budget is being prepared as a strategic document that will align fiscal priorities with long-term export growth. The government’s plan for tariff reforms was also discussed during the meeting. The Finance Minister said that changes in the tariff system are inevitable to remove obstacles to business activities. Appreciating the government’s efforts, Shabbir Diwan said that the private sector is ready to cooperate with the government in every possible way to promote policy continuity and confidence. He also stressed the need for an active role of the private sector in policy-making.
Finance Minister Senator Aurangzeb assured that the suggestions of the private sector will be taken seriously and will be included in the next phase of reforms. He said that public-private partnership is of key importance for establishing a productive, stable and globally integrated framework.
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