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LAHORE, Dec 14 (APP): Federal Tax Ombudsman (FTO) Coordinator Saif Ur Rehman said on Sunday that Pakistan’s economic development can be paced up by ensuring export-led growth supported by value-addition, diversification and access to new markets.
In a meeting with industrialists delegation here, he explained that by prioritizing exports over consumption-driven expansion, Pakistan can strengthen its balance of payments and reduce its dependence on external financing. “Only through this integrated approach of productivity, governance and business reform can chart a stable and prosperous economic future,” he remarked.
Regarding business reforms, he was of the view that simplifying taxation, improving contract enforcement, and ensuring ease of doing business will enable firms to scale up and compete globally. While on governance side, he suggested,streamlined regulations, transparency in public institutions, and decisive action against inefficiencies to rebuild investor confidence. “A well-governed economic environment attracts long-term investment and supports entrepreneurship, which in turn fosters innovation and job creation,” he added.
Pakistan’s economy stands at a defining moment where sustainability can no longer hinge on consumption-driven growth, hence there is an urgent needs of a decisive shift toward productivity enhancement, governance restructuring, and deep-rooted business reforms.
He appreciated the Federal Finance Minister’s recent statement that productivity must be placed at the centre of economic planning by modernising agriculture, upgrading industrial capacity, and integrating technology across all sectors. This will not only improve competitiveness but also reduce reliance on imports, he concluded.