PM Shehbaz seeks input from business community as he stresses export-led growth
Prime Minister Shehbaz Sharif on Tuesday sought recommendations from industrialists and businesspeople on how to increase export-led growth in the country. “Whatever growth we have to achieve, it has to be export-led growth, period,” the premier remarked while addressing a meeting with prominent leaders of the business community. He added that any other kind of growth had “no meaning” and…
Prime Minister Shehbaz Sharif convened a meeting with business leaders on Tuesday to solicit their input on increasing export-led growth in Pakistan. The prime minister emphasized that any economic growth must be export-driven, stating that other types of growth hold "no meaning." He outlined the need for special tax relief for exporters and recalled the collaboration between the government and business community during the formulation of the federal budget in June.
PM Shehbaz attributed the successful recovery of Rs800 billion in one year to the joint efforts of both parties, without imposing new taxes.
In July, Planning Minister Ahsan Iqbal stated that the government aimed to diversify exportable products and markets to achieve a 6% sustainable economic growth. The minister reiterated that the focus was on export-led growth, as a mere stabilisation would result in a short-lived economic bubble. Finance Minister Muhammad Aurangzeb highlighted the government's shift from stabilisation towards growth, stressing that the primary challenge now is to ensure the sustainability of this growth.
He commended the launch of export insurance coverage by the Export Development Fund (EDF) and the Export-Import Bank of Pakistan, which would facilitate SMEs in expanding their exports and bolster the national economy.
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