Karachi is nerve center of Pakistan’s economy: PM Shehbaz

KARACHI: Prime Minister Shehbaz Sharif, vowing to take forward the agenda of economic stabilization and reforms, on Wednesday said that the vigorous collective efforts has resulted in macro level stability and now we have to convert it into sustainable economic growth.

The prime minister was addressing to a ceremony held here at the Pakistan Stock Exchange to mark the exceptional performance of PSX and becoming the top stock market in the world.

The ceremony was attended by Deputy Prime Minister Muhammad Ishaq Dar, Finance Minister Muhammad Aurangzeb, Federal Information Minister Atta Tarar, Governor and Chief Minister Sindh, Chairperson PSX Shamshad Akhtar and distinguished business and trade personalities.

The prime minister felicitated the PSX for achieving the tail-winds and stressed on sustaining the momentum as our actual target is economic growth with prudent utilization of immense natural resources and skills and expertise of experienced business and trade leaders so that we could lead the country to path of progress and prosperity and preventing the economy from the boom and bust cycles.

He said Karachi the city of lights is nerve center of Pakistan’s economy and feed back and suggestions of the investors of the city would prove beneficial for boasting the growth. The government will welcome tangible proposals and recommendations by the business community for actualizing the export led growth.

Shehbaz Sharif underscored the significance of progressive taxation and structural reforms and said that Pakistan had a target of enhancing the tax to GDP ratio to 10.6 percent under the commitments with IMF but we have taken the ratio to 10.8% that is a major achievement.

Expressing satisfaction on significant decrease in the policy rate from 22% to 13%, he noted that there was more space available to further decrease it but any such move must be made in a prudent and cautious manner.

He highlighted the growth opportunities in agriculture, mines and minerals sectors and said foreign investors who recently visited the country shown interest to bring investment and technology to Pakistan. We want to utilize the natural resources for promoting manufacturing in the country and employment generation with a strategy of taking the Pakistan to new heights, he maintained.

Referring to the privatization process and structural reforms in public sector entities, the PM said that state owned entities made losses of billions of rupees in previous years. He outlined that government was committed to ensure complete transparency in privatization of PIA and other organizations and following the endeavor process of outsourcing of certain services at Islamabad International Airport was completed in transparent manner recently.

The Deputy prime minister and Foreign Minister of Pakistan, Senator Muhammad Ishaq Dar, speaking at the occasion said that the sapling planted nine years ago with initiative of merger of stock markets of the country has grown into a gigantic tree and we are getting the best result of it today with remarkable performance being recognized across the world.

Stressing on the need of creating secondary market on the lines of advanced and strong economies he urged the business community to rise up to the challenges and create market opportunities so that national economy could achieve resilience and be able to absorb the shocks and reliance on foreign resources could be subsided.

He said that Shehbaz Sharif led PDM government steered the country out of serious economic challenges and today we are among the rapidly stabilizing economies.

The prime minister always focus on practical approach and implementation of policies and the country is moving ahead under his able leadership, he said and anticipated that situation will further ameliorate in the coming years.

The federal minister for finance and revenue Muhammad Aurangzeb reflecting on sizable improvements in economic indicators said that government is actively pursuing its agenda of decreasing inflation, supporting export led growth and bringing reforms in tax, energy, public sector entities, pensions, civil service and other important sectors.

The finance minister also spoke on right sizing initiatives aimed at improving service delivery and cutting down expenditures of federal as well as provincial governments and said that the much needed structural reform were being implemented in a phased manner.

He felicitated the PSX on remarkable performance and underscored the importance of capital and monetary markets in sustainable development of a country. The finance minister also assured to start pre-budget consultation with all the stakeholders in the coming month so that their proposals could be acquired and incorporated in budget making process.

Chief Executive Officer Pakistan Stock Exchange Farukh Sabzwari, in his welcome address highlighted exceptional performance of PSX, China’s strategic investment and partnership, key features and proposals for further growth of the capital market.

Later, the Prime Minister Shehbaz Sharif, along with DPM Ishaq Dar, Finance Minister Aurangzeb, CM and Governor Sindh, chairperson and CEO of PSX struck the gong to mark the remarkable performance of PSX.