LAHORE (WNAM REPORT ):Federal Finance Minister Senator Muhammad Aurangzeb said on Saturday that Information Technology and mineral sectors are going to be game changers for Pakistan’s economy and Prime Minister Shahbaz Sharif is leading the economy and the nation would see best results soon.
He was addressing the business community here at the Lahore Chamber of Commerce and Industry (LCCI). LCCI President Mian Abuzar Shad, Senior Vice President Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, SAARC Chamber’s Vice President Mian Anjum Nisar and Executive Committee Members also shared their problems and suggestion with the Finance Minister. Representatives of Federal Board of Revenue (FBR) and other chambers were also present.
The Finance Minister said that only nickel became a major export driver for Singapore with USD 22 billions of share in exports, citing that copper has the potential to yield similar dividends for Pakistan. He said that global interest in Pakistan’s mineral sector and IT potential is growing and the government is focused on removing all barriers to attract and facilitate both local and foreign investment in these key sectors.
Muhammad Aurangzeb said, “We are here to serve the people. I am visiting chambers to listen, understand and resolve problems of the business community. The legitimate demands of the chambers will be accepted. We talk about economic stability. It is very important that if we cannot return the money of our country’s investors on time, how can we move forward? Lowering inflation is essential for economic stability. The interest rate was at 22 percent, today it is at 12 percent.”
He was of the view that industrial growth is only possible if financing costs, power tariffs are reduced and improve taxation policies are put in place. Under Prime Minister Shehbaz Sharif’s leadership, he mentioned, the economic direction of the country has clear goals and positive results would soon be evident.Pakistani travel guides
The Finance Minister said that hurdles to profit repatriation for foreign investors have been addressed which boosted their confidence in the Pakistani market. “We are ensuring that the benefits of reduced inflation directly reach the common man. Middlemen will not be allowed to exploit the system,” he vowed.
While talking about taxation, he admitted that the salaried class is bearing the tax burden, as income tax is deducted at source, and ‘we intend to offer relief to the salaried segment.’ He disclosed that 24 national entities have been earmarked for privatization, stressing the need for reduced human interaction to resolve systemic issues.
“If we can increase the tax-to-GDP ratio to 13 percent, we can offer broader relief to various sectors,” he observed. If our policies are not having an impact on the common man, then there is no point, he said, citing that edible prices are lowering and now it is impossible for the middleman to continue to take benefits.
During the question and answer session, he said, the visas issue was discussed whenever the Prime Minister visits abroad, asserting that this is being resolved on a priority basis.
Muhammad Aurangzeb said that the government would continue to consult with the private sector which plays a key role in running any country. As per the Prime Minister’s direction, he said, a committee has been formed which is working on GSP Plus.
LCCI President Mian Abuzar Shad appreciated government initiatives for economic revival of the country. He praised the government’s efforts in curbing inflation and reducing the policy rate, saying, “We appreciate the reduction in the policy rate from 22 percent in June 2023 to 12 percent now. This will ease access to capital for businesses. With inflation dropping sharply from 20.7 percent in March 2024 to just 0.7 percent in March 2025, we are hopeful of continued improvement.”
He also paid tributes to the launch of the “Uraan Pakistan” programme, led by the Prime Minister, which aims to raise economic growth, increase exports to USD 60 billion, attract USD 10 billion in private investment annually, create one million jobs per year, raise the renewable energy share to 10 percent, eradicate poverty and mitigate climate challenges. He also highlighted the role of the Special Investment Facilitation Council (SIFC) in enhancing investor trust.
He stressed the need for tariff structure reforms to promote industrial growth and recommended adopting a cascading tariff model to ensure raw materials are taxed minimally, encouraging local production and value addition.
LCCI Senior Vice President Engineer Khalid Usman stressed the need to revise the turnover threshold for withholding agents, proposing an increase from Rs. 100 million to Rs. 250 million in light of the sharp depreciation of the currency and prevailing economic conditions. He expressed concern over the FBR notices and freezing of bank accounts despite the pending court case regarding one percent Capital Value Tax (CVT) on declared foreign assets under the amnesty scheme. “This practice is causing undue hardship to individuals and must be halted immediately,” he added.
Vice President Shahid Nazir Chaudhry underscored the importance of long-term economic policy planning, suggesting that key economic strategies should be framed within a consistent 10-year roadmap to ensure stability and sustainable growth.
He proposed that private companies engaged in Research and Development (R&D) should be allowed to deduct R&D expenditures from their taxable income. “This will encourage the private sector to invest in technological innovation and research, ultimately benefiting Pakistan’s economy.
