Premier labels regulatory framework “quantum leap”, says it would facilitate business, industry, agriculture and foreign direct investment
Prime Minister Shehbaz Sharif addresses the launch ceremony of National Regulatory Reforms in Islamabad. Photo: PID
Prime Minister Shehbaz Sharif said that Pakistan had emerged from severe economic distress due to the efforts of his government and its economic team, saying that the economy was in a precarious state when the government assumed office and the country was close to financial default.
“We were on the verge of financial default. Our inflation was galloping and the policy rate was crippling. So one could not imagine any kind of investment in Pakistan, let alone FDIs. And business in the country was in turmoil. But we did not lose hope,” said Prime Minister Shehbaz while addressing the launch ceremony of the national regulatory reforms on Saturday.
He further said that the challenges were daunting but were overcome through teamwork, planning and sustained effort. “Obviously, these were very daunting challenges, just looking into their faces, but through exceptional teamwork, excellent planning and tireless efforts, the country was out of economic trouble,” he said.
Prime Minister Shehbaz emphasized the need for continued hard work to achieve future goals and turn ambitions into reality. “And this was the commitment, the unwavering will to walk the very difficult path for the last year and a half. And here we are. And today, Alhamdulillah, we are now discussing how we can now move forward and grow our economy,” he added.
The prime minister also referred to the approval of a $1.2 billion tranche from the International Monetary Fund, describing it as a positive development. He said excessive regulations had previously hurt industrialists, businessmen and the economy as a whole, discouraging both domestic and foreign investment.
The government, he said, was now focusing on attracting foreign investment in agriculture, information technology and the mining 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 abroad, making Pakistan richer and more prosperous,” he said.
He called the new regulatory framework a “quantum leap” and 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 are now able to announce and let the nation know, 240 million people, that the government is fully aware of today’s challenge and they are ready to go with them at the speed they want us to go,” he said.
Prime Minister Shehbaz praised federal and provincial teams for coordinated efforts and thanked the UK government and UK International Development for their support.
He said Britain remained a key partner, along with allies in the Middle East such as Saudi Arabia, and described Pakistan’s relationship with the US as positive.
Speaking at the event, Special Assistant to the Prime Minister Haroon Akhtar said the reforms marked a fundamental shift 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 to a developmental mode.
He said the reforms were built on three pillars: tariff rationalization, regulatory modernization and export-led industrial revival. Under the new national customs policy, he said, the government was moving towards predictability, competitiveness and abolition of arbitrary duties.
British International Development Minister Baroness Jenny Chapman said Pakistan had strong entrepreneurial potential, abundant natural resources and a strategic position in global trade.
She described the reforms as a positive achievement and said the ambitions were shared by both countries. “And the links between our people also play a big part in the flow of trade and investment between our two countries. Trade is now £5.5 billion a year. We’ve got a new trade dialogue and we support Pakistan’s efforts to work with the 1.6 million strong Pakistani diaspora in the UK to unlock private capital,” she said.
