Minister for Finance and Revenue Muhammad Aurangzeb has stated that exports must remain central to the country's growth strategy, with policies focused on enabling exporters to compete in regional and international markets. He made these remarks during a meeting with Lahore Chamber of Commerce and Industry (LCCI) President Ali Hussam Asghar.
The meeting was also attended by Minister of State for Finance Bilal Azhar Kiyani, the Governor of the State Bank of Pakistan, the federal finance secretary, and senior officials from the Tax Policy Office, Federal Board of Revenue (FBR), and the Finance Division.
Emphasizing the need for a better business environment, Aurangzeb noted that ease of doing business requires clear and predictable policies, simpler regulations, and improved coordination among government institutions. He stressed the need to address the concerns of the business community, particularly small and medium-sized enterprises (SMEs), to ensure that government policies support investment, productivity, job creation, and business expansion.
Discussing taxation and regulatory policies, the finance minister stated that these should encourage productive economic activity while improving documentation and bringing more businesses into the tax net. He also called for evidence-based policymaking and regular engagement with the business community to assess the impact of proposed measures on investment and employment.
Aurangzeb added that simplifying procedures and building trust between businesses and government institutions are vital. The LCCI president shared the chamber's views on supporting SMEs, improving their access to finance, and facilitating business expansion.
He highlighted the challenges faced by the private sector and urged the government to provide a stable environment for long-term planning. The finance minister concluded that consistent and predictable policies are essential, highlighting the role of the Tax Policy Office in maintaining regular engagement with the private sector.
He affirmed that continued cooperation with businesses is necessary to build a competitive economy driven by investment, productivity, and exports. The government is currently working on a comprehensive framework to streamline tax collection and reduce the burden on compliant taxpayers.
By fostering a culture of transparency, the ministry aims to broaden the tax base without stifling economic growth. This approach is expected to provide the necessary fiscal space for development projects.
Furthermore, the minister reiterated that the government is committed to structural reforms that will stabilize the macro-economic indicators. These reforms are designed to attract foreign direct investment and boost the confidence of local investors, which is crucial for sustainable development.
The meeting concluded with a consensus on the need for periodic reviews of economic policies. Both the government and the LCCI agreed that such dialogues are instrumental in identifying bottlenecks and implementing timely solutions to keep the economy on a growth trajectory.
As Pakistan navigates through economic challenges, the focus on export-led growth remains a top priority for the finance ministry. The integration of technology in trade processes and the diversification of export products are also being considered as key drivers for future success.
In his final remarks, Aurangzeb assured the business community that their feedback would be incorporated into the upcoming fiscal policies, ensuring a collaborative approach toward national economic prosperity.