Aurangzeb says economic reforms are opening new investment opportunities in Pakistan

Finance Minister Senator Muhammad Aurangzeb has said the government is pursuing broad-based reforms to stabilise Pakistan’s economy and put it on a path of sustainable growth, as he addressed a Pakistan Investment Roundtable attended by prominent investors and representatives of international financial institutions.

Aurangzeb, who participated in the roundtable as chief guest, said reforms were being introduced across various sectors to create greater opportunities for the private sector and attract investment.

He said the government’s fiscal policies were beginning to produce positive results, citing a reduction in the budget deficit, higher government revenues and progress on financial and institutional reforms.

“Reforms and the privatisation process in state-owned enterprises are being taken forward,” the finance minister said, adding that changes in the energy sector, greater fiscal transparency and measures to ease doing business would further strengthen the economy.

Aurangzeb stressed the need to broaden the tax base and ensure effective enforcement of tax laws to support economic growth. He said discretionary powers of tax authorities had been removed and that no special treatment was being given to anyone in tax matters.

The minister also said no new additional tax had been imposed on salaried individuals.

He acknowledged that Pakistan’s economy had faced challenges following last year’s severe floods and the recent conflict in the Middle East, which had also affected global oil prices.

Despite these challenges, Aurangzeb said Pakistan offered substantial opportunities for business and investment and that international investor interest in the country was beginning to recover.

He said Pakistan had successfully completed all reviews under its International Monetary Fund (IMF) programme on schedule, while the country’s credit rating had improved on three occasions.

The roundtable also featured discussions on Pakistan’s economic outlook, the investment climate and opportunities across various sectors. Participants also exchanged views on cooperation with international financial institutions and avenues for investment in Pakistan.