Pakistan Will Emerge as Powerful Economy Through Exports: PM

Addressing a gong ceremony at the Pakistan Stock Exchange in connection with the listing of Naya Nazimabad Apartments, the prime minister said the private sector and investors would play a key role in strengthening the national economy.

He said Pakistan must move from economic stability toward growth, particularly export-led growth, which would increase employment, production, the supply of goods and services, and exports.

Shehbaz Sharif said the government had implemented long-pending structural reforms with seriousness, creating more attractive conditions for investment. He credited federal and provincial institutions, the finance team and other relevant stakeholders for working together to improve economic conditions.

Referring to his recent meetings with international bankers and financial-sector leaders, including senior officials from Citibank, JPMorgan and Barclays, the prime minister said global financial institutions had appreciated Pakistan’s progress on structural reforms.

He said remittances and IT exports had increased, while the Roshan Digital Account was also performing well. He stressed that the next phase should focus on technology, productivity, employment and exports to place the economy on a sustainable growth path.

The prime minister said the private sector would have to lead much of this effort. He noted that the federal budget provides hundreds of billions of rupees in tax incentives and facilities for exporters, manufacturers and various industrial sectors, including construction.

Highlighting the construction sector, Shehbaz Sharif said its expansion was essential for economic growth and employment. He said incentives announced for the sector were gradually producing results, particularly in Karachi, and their impact was beginning to emerge in other parts of the country.

The prime minister also called for improvements in the capital market, saying its performance had been strong but some weaknesses remained. He directed that necessary reforms be undertaken by taking regional stock exchanges into consideration.

Shehbaz Sharif expressed concern over the performance of some industries established decades ago for import substitution. He stressed that national interests should be prioritised over personal interests and said industrial development required modern machinery, higher productivity and hard work.