Karachi(The COW News Digital) Prime Minister Shehbaz Sharif has said the government has provided tax incentives worth Rs2.3 trillion in the federal budget and called on the private sector to take the lead in driving Pakistan’s economic growth.
Addressing a ceremony at the Pakistan Stock Exchange through a video link, the prime minister congratulated the finance minister, his team, federal ministers and heads of relevant institutions for their efforts toward economic stabilization.
Shehbaz Sharif said Pakistan’s next objective was to build an export-led economy and stressed that the private sector would have to play a central role in achieving sustainable economic growth. He said tax concessions had also been introduced to support industrial development and encourage investment.
The prime minister referred to his recent visits to the United States and Britain, saying bankers in New York and London had acknowledged measures taken by the government and viewed Pakistan as an increasingly attractive destination for investment.
He also highlighted the country’s recent $3 billion Eurobond issuance and said foreign exchange reserves held by the State Bank of Pakistan had reached $21.4 billion. He added that remittances were also showing significant growth, while stressing that Pakistan now needed to translate these developments into stronger export performance.
Shehbaz Sharif said the Pakistan Stock Exchange had recorded substantial growth but still required further reforms in comparison with other regional markets. He questioned the effectiveness of subsidies provided to several industries over the past decades, arguing that such support had not produced the desired increase in exports.
The prime minister also credited Field Marshal Syed Asim Munir with efforts that he said had contributed to the country’s broader economic environment. He also thanked the chairman of the National Accountability Bureau for efforts to recover what he described as trillions of rupees worth of state land.
According to the prime minister, incentives announced for the construction industry in the latest budget were beginning to produce results, particularly in Karachi. He said major banks had also welcomed the government’s reform initiatives.
Shehbaz Sharif said the government’s economic strategy was focused on strengthening the private sector rather than relying solely on state-led activity. He stressed the importance of industrial expansion, exports and investment in creating a stronger economic base.
The government has separately emphasized structural reforms, tax-base expansion and greater private-sector participation as part of its economic strategy. Finance Minister Muhammad Aurangzeb recently said the number of tax filers had increased to more than 5.7 million, compared with around 3.9 million a year earlier.
The prime minister said Pakistan’s economic progress would ultimately depend on increasing productive capacity, expanding exports and creating an environment in which businesses could invest and grow.
