Shahbaz Sharif stresses on giving private sector leadership in economic development

Prime Minister Shehbaz Sharif stated that the government has provided tax breaks worth Rs 2,300 billion in the budget; the private sector must now play a central role in the country's economic development. He added that concerted efforts are underway to steer Pakistan toward an export-led economy.

Addressing a ceremony at the Pakistan Stock Exchange via Zoom, the Prime Minister congratulated the Finance Minister, his team, other ministers, and the heads of various institutions. He noted that measures were taken through teamwork to put the country on a self-reliant footing, and the focus is now on building an economy driven by export growth.

Response from International Financial Institutions and the Banking Sector

Referring to his recent visits to the United States and the United Kingdom, Shehbaz Sharif mentioned that bankers from CitiBank and JPMorgan in New York and London had appreciated the government's measures. According to him, these bankers described the current conditions in Pakistan as attractive for investment.

The Prime Minister highlighted Pakistan's success in issuing Eurobonds and noted that the State Bank's foreign exchange reserves have reached $21.4 billion. He also pointed to the significant rise in remittances and stated that export-led growth should now become clearly visible in the national economy.

Tax Incentives for the Industrial Sector

According to the Prime Minister, tax incentives have been included in the budget to foster industrial development, and the private sector must spearhead economic activities.

Citing subsidies granted to various industries in the past, he remarked that while many sectors received support for extended periods, there was no substantial increase in exports despite this assistance. According to him, rectifying this harsh reality is essential to move the economy forward.

Mention of the Stock Market and Construction Sector

Shehbaz Sharif noted that the Pakistan Stock Exchange has made significant progress; however, further reforms are needed when compared to other markets in the region.

He stated that the incentives provided to the construction industry in the budget have begun to yield results, with construction activities increasing in various locations, including Karachi. According to the Prime Minister, major banks have also appreciated these reform efforts.

Referring to comments made by the IMF chief regarding Pakistan, he recounted that when told this was "New Pakistan," she replied that it was not a "New Pakistan," but rather a "new team."

The Prime Minister also acknowledged the efforts of Field Marshal Asim Munir and thanked the NAB Chairman for recovering lands worth trillions of rupees. He also congratulated the relevant officials on the projects in Nazimabad and Lahore.