Finance Minister Muhammad Aurangzeb said on Saturday that Pakistan was promoting economic boost through its highly-affected areas, taking inspiration from Singapore’s export-operated model, and indicated to reduce tax burden on salaried class.
Speaking to the business community in the Lahore Chamber of Commerce and Industry (LCCI), Aurangzeb said, “The IT and mineral sector will be a game changer for the economy of Pakistan, in which Prime Minister Shahbaz Sharif soon tried to give results,” Aurangzeb said while talking to the business community in the Lahore Chamber of Commerce and Industry (LCCI).
The Finance Minister said that Nickel exported only to become a major export driver for Singapore with a $ 22 billion shares, dominating that copper had the ability to get the same dividend for Pakistan.
He said that global interest in Pakistan’s minerals and IT regions was increasing, the government focused on removing all obstacles to attract and facilitate both local and foreign investment.
“We are here to serve people. I am visiting the chambers to listen, understand and solve the problems of the business community, and the legitimate demands of the chambers will be accepted.”
Aurangzeb said, “It is important that if we cannot repay our country’s investors on time, we cannot move forward. Reducing inflation is necessary for economic stability. The interest rate was 22%; Today, it is 12%,” Aurangzeb said.
Finance CZAR explained in detail that industrial development was possible only when financing costs and power tariffs were reduced and taxation policies were improved.
Under the leadership of Prime Minister Shahbaz Sharif, he mentioned that there were clear goals in the economic direction of the country, and positive results would soon be clear.
The Finance Minister said that the hurdles race for profit repatriation for foreign investors was addressed, which had promoted their trust in the Pakistani market.
“We are sure that the benefits of low inflation directly reach the common man. The middlemen will not be allowed to take advantage of the system,” they swear.
Talking about taxation, he admitted that the salaried class was carrying tax burden, as income tax was deducted at the source, and said, “We intend to give relief to the salaried section.”
He revealed that 24 national institutions were placed for privatization, emphasizing the need to reduce human contacts to resolve systemic issues.
“If we can increase the tax-to-GDP ratio up to 13%, we can give wide relief to various fields,” they saw. If the policies were not having any effect on the common man, there was no meaning, he said that food prices were decreasing, and now the middleman could not continue to take advantage.
During the question and answer session, he said that the visa issue was discussed whenever the Prime Minister went abroad, saying that it was being resolved on priority basis.
Aurangzeb further said that the government would continue to consult with the private sector, which played an important role in running any country. According to the Prime Minister’s instructions, he said that a committee was formed which was working on GSP Plus.
LCCI President Mian Abuzar Shad, Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhary, SAARC Chamber Vice President Mian Anjum Nisar and members of the Executive Committee also shared their problems and suggestions with the Finance Minister. Representatives of the Federal Board of Revenue (FBR) and other chambers were also present.
LCCI President Mian Abuzar Shad appreciated the government initiative for the economic revival of the country.
Praising the government’s efforts in curbing inflation and reducing the policy rate, Shad said that in June 2023, the reduction in policy rate from 22% was now commendable.
“This will reduce access to capital for businesses. With a rapid decline of just 0.7% in March 2025 with inflation in March 2024, we are expecting continuous improvement.”
The Chairman of LCCI appreciated the “Uan Pakistan” program under the leadership of the Prime Minister, with the aim of promoting the increase, exports were increased to $ 60BN, attracted $ 10BN in annual private investment, created a million jobs in a year, increased renewable energy to 10%, reduced poverty and faced climatic challenges.
He emphasized the need for tariff structure reforms to promote industrial development and raw materials were minimized, recommended to adopt a cascading tariff model to encourage local production and price joints.
LCCI Senior Vice President Engineer Khalid Usman emphasized the need to modify the turnover threshold to withdraw agents, proposed an increase in light from Rs 100 million to Rs 2550 million in light of rapid depreciation of currency and prevailing economic conditions.
Vice President Shahid Nazir Chaudhary underlined the importance of the long -term economic policy scheme, suggesting that major economic strategies to ensure stability and permanent development should be prepared within a 10 -year roadmap continuously.
