Federal Minister for Finance and Revenue Muhammad Aurangzeb has said Pakistan’s economy is moving in the right direction, with the country shifting from stabilization toward growth.
Speaking at the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi, Aurangzeb said the government’s focus is now on making economic stability lasting and ensuring that growth is driven by investment, productivity, exports and employment.
He said Pakistan needed to move away from the repeated boom-and-bust cycle and maintain macroeconomic stability through stronger fiscal and external positions.
The minister said the government’s economic priorities include structural reforms, greater private investment, increased access to financing and shifting the country’s economic relationships from aid toward trade and investment.
Aurangzeb said the private sector would have to lead sustainable economic growth, while the government’s role would be to provide a stable policy framework, regulatory facilitation and a business-friendly environment.
He pointed to the recent PIA transaction, saying Pakistani business groups had collectively mobilized nearly $1.2 billion, which demonstrated the capacity of domestic investors to participate in large-scale opportunities.
On foreign investment, he said investor interest was emerging in mining and minerals, technology, agriculture, oil and gas, refinery upgrades and other sectors. He also cited interest from Turkish investors in the privatization of electricity distribution companies, along with interest from Saudi and other international investors.
The Finance Minister said structural reforms were now moving into implementation across taxation, energy, State-Owned Enterprises, privatization and public finance.
He added that the number of tax filers had crossed 5.7 million, compared with around 3.9 million last year and about 1.8 to 1.9 million in 2022.
Aurangzeb said the government was also working to expand financing for SMEs, agriculture, housing and underserved segments. He said around Rs. 60 billion had already been financed under the Prime Minister’s Apna Ghar Program, with additional financing in the pipeline.
He stressed the need to deepen Pakistan’s capital markets so domestic savings could be directed toward productive investment in infrastructure, housing, privatization and private businesses.
The Finance Minister also highlighted digitalization, blockchain, Web 3.0 and other emerging technologies as areas where Pakistan could attract investment and expand exports and employment.
He said policy continuity, investment facilitation and sound economic governance would remain important for sustaining Pakistan’s economic growth.
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