- Finmin says that the drop in interest rates, the drop in inflation to fuel economic recovery.
- Said the world’s interest in the mineral and computer sectors of Pakistan is increasing.
- “If we cannot reimburse the country’s investors on time, we cannot go ahead.”
Lahore: The Minister of Finance, Muhammad Aurangzeb, said on Saturday that the computer and mineral sectors would be game changers for the Pakistan economy, with Prime Minister Shehbaz Sharif, efforts to provide results soon – drawing parallels with the rise of Singapore.
He addressed the business community of the Lahore Chamber of Commerce and Industry (LCCI).
The Minister of Finance said that only Nickel had become a major export engine for Singapore with $ 22 billion from exports, citing that Copper had the potential to produce similar dividends for Pakistan.
He added that the world’s interest in the mineral and computer sectors of Pakistan was intended, the government focused on the abolition of all obstacles to attract and facilitate local and foreign investments.
“We are here to serve people. I visit rooms to listen, understand and solve the problems of the business world, and the legitimate requests of the rooms will be accepted.”
“It is crucial that if we cannot reimburse investors in our country in time, we cannot go ahead. The drop in inflation is essential for economic stability. The interest rate was 22%; today, it is 12%,” said Aurangzeb.
The financial TSAR has developed that industrial growth was only possible if financing costs and electricity prices were reduced and that improved tax policies were implemented.
Under the direction of Prime Minister Shehbaz Sharif, he said that the country’s economic management had clear objectives and that positive results would soon be obvious.
The Minister of Finance said that the obstacles to the repatriation of the profits of foreign investors had been treated, which had strengthened their confidence in the Pakistani market.
“We make sure that the advantages of reduced inflation directly reach ordinary man. Intermediaries will not be allowed to exploit the system,” he promised.
While speaking of taxation, he admitted that the salaried class wore the tax burden, because income tax was deducted from the source and said: “We intend to offer relief to the employee segment.”
He revealed that 24 national entities had been reserved for privatization, stressing the need for reduced human interaction to solve systemic problems.
“If we can increase the tax ratio / GDP to 13%, we can offer wider relief to various sectors,” he observed. If policies had no impact on ordinary man, then there was none, he said, quoting that edible prices were down, and now the intermediary could not continue to benefit from it.
During the session of questions and answers, he declared that the question of the visa had been discussed whenever the Prime Minister went abroad, saying that this was resolved as a priority.
Aurangzeb also said that the government would continue to consult the private sector, which has played a key role in the management of any country. According to the Prime Minister’s management, he said that a committee had been trained who worked on GSP Plus.
LCCI president Mian Abuzar Shad, Senior Vice-President Khalid Usman, Vice-President Shahid Nazir Chaudhry, Vice-President of the Saarc Chamber Mian Anjum Nisar, and members of the Executive Committee also shared their problems and suggestions with the Minister of Finance. Representatives of the Federal Board of Return (FBR) and other rooms were also present.
The president of the LCCI, Mian Abuzar, appreciated the government initiatives for the economic renaissance of the country.
Presence of government efforts in reducing inflation and reducing policy rate, Shad declared that the reduction in the policy rate of 22% in June 2023 to 12% was now laudable.
“This will facilitate access to capital for companies. Inflation of 20.7% in March 2024 only 0.7% in March 2025, we hope for continuous improvement.”
The President of the LCCI also praised the “Uraan Pakistan” program, led by the Prime Minister, aimed at increasing growth, increasing exports to $ 60 billion, attracting $ 10 billion in annual private investment, creating one million jobs per year, increasing renewable energies to 10%, reducing poverty and taking up climatic challenges.
He underlined the need for reforms of the tariff structure to promote industrial growth and recommended to adopt a cascading pricing model to ensure that raw materials were taxed at least, encouraging local production and the addition of value.
The vice-president director of the LCCI, the engineer Khalid USMAN, stressed the need to revise the rolling threshold for the restraint of agents, to propose an increase from RS100 million to 2550 million rupees in the light of the vigor of the currency and the dominant economic conditions.
Vice-president Shahid Nazir Chaudhry stressed the importance of long-term economic policy planning, suggesting that key economic strategies should be supervised in a 10-year-old roadmap to ensure stability and sustainable growth.