The prime minister calls the regulatory framework a “quantum leap” and says it would facilitate business, industry, agriculture and FDI.
Prime Minister Shehbaz Sharif addresses the launch ceremony of national regulatory reforms in Islamabad. Photo: PID
Prime Minister Shehbaz Sharif said Pakistan had emerged from a serious economic crisis thanks to the efforts of its government and its economic team, saying the economy was in a precarious state when the government took office and the country was close to a financial default.
“We were on the verge of a financial default. Our inflation was galloping and the official interest rate was crippling. So one could not imagine any kind of investment in Pakistan, let alone FDI. And business in the country was in crisis. But we did not lose hope,” Prime Minister Shehbaz said during his speech at the launch ceremony of the National Regulatory Reforms on Saturday.
He further said that the challenges were enormous but were overcome through teamwork, planning and sustained effort. “Of course, those were very scary challenges, if you look at them in the face, but thanks to excellent teamwork, excellent planning and tireless efforts, the country got out of economic problems,” he said.
Prime Minister Shehbaz highlighted the need to continue working hard to achieve future goals and turn ambitions into reality. “And this was the commitment, the unwavering determination to walk that very difficult path in the last year and a half. And here we are. And today, Alhamdulillah, we are discussing how to move forward and grow our economy,” he added.
The Prime Minister also referred to the approval of a tranche of 1.2 billion dollars by the International Monetary Fund, describing it as a positive fact. He said excessive regulations had previously harmed industrialists, entrepreneurs and the economy in general, discouraging both domestic and foreign investment.
The government, he said, is now focusing on attracting foreign investment in agriculture, information technology and the mines and minerals sector. Highlighting Pakistan’s demographic profile, Shehbaz said the country’s large youth population was being offered vocational training with international certification.
“They will find productive jobs not only in Pakistan but also abroad, making Pakistan richer and more prosperous,” he said.
Calling the new regulatory framework a “quantum leap”, he said it would facilitate business, industry, agriculture and foreign direct investment from Europe, the Far East and the Middle East, while reducing inefficiency, corruption and waste.
“So I think today is a great day that we can announce and let the nation, 240 million people, know that the government is fully aware of the challenge of the day and is ready to walk with them at the speed that they want us to walk,” he said.
Prime Minister Shehbaz praised the federal and provincial teams for their coordinated efforts and thanked the British Government and the UK Department for International Development for their support.
He said Britain remained a key partner, along with Middle Eastern allies such as Saudi Arabia, and described Pakistan’s relations with the United States as positive.
Speaking at the event, Special Assistant to the Prime Minister Haroon Akhtar said the reforms mark a fundamental change in governance. “Today marked more than a political moment, as it marked a turning of the page,” he said, describing the transition from a regulatory state to a developmental one.
He said the reforms were based on three pillars: tariff rationalization, regulatory modernization and export-driven industrial revival. Under the new national tariff policy, he said, the government was moving towards predictability, competitiveness and the elimination of arbitrary duties.
UK Minister of State for International Development Baroness Jenny Chapman said Pakistan had strong business potential, abundant natural resources and a strategic position in global trade.
Describing the reforms as a positive achievement, he said both countries shared ambitions. “And the links between our people also play a huge role in the flow of trade and investment between our two countries. Trade now stands at £5.5 billion a year. We have a new trade dialogue and are supporting Pakistan’s efforts to work with the 1.6 million Pakistanis in the diaspora in the UK to unlock private capital,” he said.
