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KARACHI, Nov 05 (APP): The Federal Minister for Finance and Revenue Muhammad Aurangzeb, reaffirming the government’s commitment toward multifaceted structural reforms on Wednesday, stressed the need of course correction in strategies for dealing with grave implications of population growth and climate change on the national economy.
The finance minister was addressing to the inaugural session of the 9th edition of The Future Summit that started here with vigorous participation of national policymakers, business leaders, and global experts to reimagine the country’s trajectory toward a sustainable and inclusive future.
Federal Minister for Climate Change and Environmental Coordination Musadik Malik, Governor Khyber Pakhtunkhwa Faisal Karim Kundi, Chief Minister Sindh Syed Murad Ali Shah, President National Bank of Pakistan Rehmat Ali Hasnie, Global Chief Digital Operations Officer VEON Lasha Tabidze, President OICCI Yousaf Hussain and others also spoke at the occasion.
Senator Muhammad Aurangzeb said that structural reforms were being operationalized in a coordinated manner from all government sectors and consultation with the private sector stakeholders will also be ensured in this regard as we believe that a holistic approach is vital to take forward the reform agenda.
Referring to inclusion of 0.9 million new income tax filers in the tax system, he said that AI-led reforms were being implemented in the taxation system for expediting processes and it had helped to take the number of tax filers to a record level.
The finance minister also spoke on ongoing reform process in energy sector, right-sizing of government, State owned Entities, Pension and debt management and emphasized that we have to keep the structural reform in the mainstay.
Senator Aurangzeb also highlighted the significant progress of Pakistan on economic and financial fronts particularly of improvements in GDP growth estimates, external account, foreign exchange reserves, corporate profitability and business confidence, and global ratings.
Foreign direct investment started flowing in and various foreign investor were showing keen interest in investing in Pakistan, he said and added that Google executives in a recent meeting agreed to open their office in Pakistan.
He acknowledged the support extended by friendly countries and international organizations for economic stabilization and emphasized that all macro-economic indicators suggested that we are heading in the right direction and Pakistan is emerging as a viable investment destination for foreign direct investment.
Building on the recent diplomatic gains and economic improvements, we should let the private sector to lead the business, exports and investment in the country and government should focus on ensuring provision of supportive eco-system, fundamental infrastructure and basic facilities, he remarked.
Talking of challenges being faced by the country he termed the issues of population planning and climate change as major risk factors to economy, saying, “We need to hold a steady course economically and correct it where it faces existential threats like population and climate change.”
The Federal Minister for Climate Change and Environmental Coordination Senator Dr. Musadik Malik spoke about creating a level playing field for all citizens which is vital for economic and social growth as well as promoting competitiveness which could not thrive in a protectionist environment as education, values and equal opportunities are the only drivers.
He also stressed on bolstering productivity and innovation and attracting foreign direct investment in export oriented sectors for rapid proliferation of employment and sustainable growth.
Governor Khyber Pakhtunkhwa Faisal Karim Kundi underscored that Redefining Direction is a necessity and Course Correction enables the country to move towards a path of sustainable growth. While inviting all local and foreign investors to the province of KP, the Governor said, “Our goal is to create an ecosystem which encourages investment which is being done through collaboration, trust and long-term vision.”
Sindh Chief Minister Syed Murad Ali Shah congratulated the organizers for this strategic and forward-looking initiative for Karachi. Emphasizing inclusivity and collaboration, he stated that the future belongs to those who adapt the fastest. We should commit to acceleration. “We must redefine direction towards innovation and sustainable growth. Public sector will provide the infrastructure to enable the private sector to innovate and grow,” he assured.
The 9th edition of The Future Summit is co-hosted by the Nutshell Group and NBP, in strategic partnership with Faysal Bank Limited and the Overseas Investors Chamber of Commerce and Industry.
President National Bank of Pakistan highlighted the financial sector’s enabling role and said that digital transformation and pushing the cashless agenda was a priority of the banking sector but repositioning from traditional manufacturing to a knowledge and export-based economy required further course correction.
President OICCI highlighted the importance of competitiveness, reaffirmed investor confidence in the country and said that OICCI members continue to invest in Pakistan and lead growth.