- Advertisement -
ISLAMABAD, Nov 12 (APP):Minister for Investment Qaiser Ahmed Sheikh on Wednesday reaffirmed the government’s commitment to improve country’s investment environment through deregulation, institutional reforms, and greater private-sector participation, emphasizing that sustained policy focus was key to unlocking the country’s economic potential.
Addressing the Pakistan Prosperity Forum (PPF) hosted by the Policy Research Institute of Market Economy (PRIME), the minister said that the government was taking steps to strengthen investor confidence, including the establishment of a Business Facilitation Centre and the ongoing work of the Special Investment Facilitation Council (SIFC).
He highlighted the ASAAN Karoobar Bill aims to promote inclusive growth and private-sector participation. Drawing on decades of business experience, Qaiser observed that despite repeated experts efforts, tangible results remained limited.
“Pakistan has not fully leveraged its partnership with China for industrial expansion and export diversification,” he remarked, noting that protectionist measures had long undermined competitiveness,” he said.
While acknowledging that the economy had stabilized, he said foreign direct investment (FDI) remains below potential continued to fall short of potential due to energy shortages and IMF-imposed conditionalities.
The minister called for a shift from revenue-driven taxation to industry-focused policy, tracing Pakistan’s fiscal evolution from sales tax reliance in the 1990s to today’s dependence on income and customs duties. He urged greater inclusion of private-sector experts in policymaking to ensure sustainable growth.
Meanwhile, Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan reiterated the government’s resolve to ensure policy consistency and tariff reform.
He said the government was simplifying the customs tariff structure to four slabs and working to eliminate all regulatory and additional duties to enhance global competitiveness.
Haroon announced the launch of the National Industrial Policy, developed through consultations with public and private stakeholders, aimed at reviving industry, expanding access to finance, and promoting value addition over import dependence.
“We are shifting the paradigm from protection to productivity,” he said, highlighting ongoing reforms in the energy sector to ensure affordable and reliable supply, and in vehicle and industrial policies to encourage electric mobility and green manufacturing.
The session brought together leading policymakers, economists, and thought leaders to discuss how liberty, economic reform, and private-sector dynamism can shape Pakistan’s future.
In his opening remarks Chief Executive Officer of PRIME Dr. Ali Salman emphasized that while political will matters, ideas matter more. He reflected on his journey of discovering the principles of liberty, particularly the ideas of open trade and flat taxation.
Meanwhile, President and CEO of the Cato Institute (USA) Peter Goettler praised PRIME’s dedication to advancing economic freedom and individual liberty. “Freedom ultimately leads to prosperity,” he stated, highlighting Pakistan’s vast potential in human capital and emphasizing that freedom is not an event but a continual process of progress and reform.
Rizwan Rawji, a supply-side economist, observed that while earlier discussions focused on energy and trade, taxation and growth have now taken centre stage in public discourse in Pakistan.
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram Sheikh emphasized that Pakistan’s fiscal approach must evolve toward modern, data-driven tax administration. He cautioned that reliance on withholding taxes is unsustainable and urged a transition from protectionist tariffs to policies that foster competitiveness and exports.
The Pakistan Prosperity Forum 2025 concluded on an optimistic note, reaffirming PRIME’s mission to advance evidence-based reforms, open markets, and individual liberty, paving the way for a freer, more prosperous Pakistan.