Prime Minister Shehbaz Sharif announced on Wednesday that the upcoming federal budget will include measures aimed at providing relief to the public and bringing the informal economy into the tax net. He made these remarks during a meeting with a delegation of leading industrialists and prominent businessmen in Islamabad.
Government-Private Sector Partnership
The Prime Minister emphasized that a strong partnership between the government and the private sector is essential for economic growth. He stressed the importance of consulting the business community when formulating policies related to Pakistan's economy. Shehbaz Sharif noted that the government is pursuing an export-led growth strategy, which remains the central pillar of the country's economic policy.
Business-Friendly Policies
He highlighted that business-friendly policies have helped stabilize the economy and restore the confidence of foreign investors. The government is working to promote industries that increase domestic production, boost exports, and create maximum employment opportunities. Progress in the industrial, agricultural, and information technology sectors would further strengthen the economy and generate new job opportunities.
Youth Training Programs
The Prime Minister underscored the launch of technical and vocational training programs for the youth, which will facilitate employment and enable them to play a meaningful role in national development.
Reforms in Tax Tribunals
During the briefing, participants were informed that reforms have been introduced in tax tribunals to ensure the swift disposal of tax cases, with appointments made through a highly transparent process. A committee has also been constituted to examine the establishment of Special Commercial Courts.
Infrastructure Upgrades
Work is underway on the upgradation of Motorway M-10 and the Pipri Freight Corridor to improve inland connectivity from Karachi's ports. The construction of Motorway M-13 Kharian–Rawalpindi would reduce travel time between Lahore and Islamabad.
Business Community's Confidence
The delegation paid tribute to the Prime Minister and his team for Pakistan's diplomatic efforts aimed at promoting peace and stability in the region. Business leaders expressed confidence in the country's economic recovery journey and improved fiscal management under the leadership of the Prime Minister. They thanked him for steering the economy in the right direction and creating a conducive environment for business and investment.
Participants appreciated the government's decision to engage the business community in the preparation of the upcoming budget. Business leaders presented their proposals regarding the national economy and the budget, reaffirming their commitment to continuing full cooperation with the government for economic recovery and growth.
Pakistan Railways Mega Projects
Prime Minister Shehbaz Sharif directed that federal and provincial governments work in close coordination for the early completion of major Pakistan Railways projects, particularly ML-1, ML-3, and the Thar Coal Rail Project. Chairing a meeting regarding Pakistan Railways in Islamabad, he emphasized that timely and high-quality completion of mega projects would reduce construction costs and help save valuable national resources.
Budgetary Allocations
He assured that budgetary allocations for railways' mega projects will be ensured in the upcoming budget. Ensuring international standards, administrative transparency, and performance efficiency in all ongoing projects remains a top priority of the government.
Freight Services
The Prime Minister said investment in freight services and timely completion of mega projects should be among the top policy priorities of Pakistan Railways. World-class freight services would not only facilitate the transportation of industrial goods but also significantly increase the annual revenue of Pakistan Railways. He directed that prior approval of financial and institutional arrangements for ongoing mega projects must be ensured to avoid unnecessary delays and interruptions.
Pakistan-China Relations
Meanwhile, Prime Minister Shehbaz Sharif expressed a firm resolve to ensure further strengthening of the Pakistan-China All Weather Strategic Cooperative Partnership. He was talking to Chinese Ambassador to Pakistan Jiang Zaidong, who called on him in Islamabad.
CPEC 2.0 and Cooperation
The Prime Minister emphasized the need to immediately initiate necessary actions for follow-up on the important decisions taken during his recent visit to China. He particularly stressed expanding cooperation in key areas under CPEC 2.0, including agriculture, IT, industries (including SEZs), and mines and minerals. He further stressed the need for timely follow-up on various MoUs signed between Pakistani and Chinese companies at the B2B Investment Conference held in Hangzhou.
Regional Situation
Other issues discussed included fast-tracking the KKH realignment project, expanding security, counter-terrorism and defence cooperation, as well as economic and financial support. The evolving regional situation and international developments were also discussed. The Ambassador assured the Prime Minister that China remained committed to strengthening its iron-clad brotherhood with Pakistan and expanding cooperation across all spheres.
