PM Sharif tells business leaders private sector key to economy ahead of June 10 budget
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday emphasized the pivotal role of the private sector in driving economic development, asserting that a robust public-private partnership was essential for the country's emergence as a strong global economy.
Sharif made these remarks during a meeting with presidents of chambers of commerce from across the nation, coinciding with the government's announcement to present the next federal budget on June 10.
The government has consistently stressed the need for the private sector to lead in strengthening the national economy, assuring it of state support.
Sharif reiterated this stance, highlighting the necessity of collaboration between the government and private enterprises in the country.
'There is a need to mobilize the private sector to achieve economic self-reliance,' the Prime Minister's Office quoted him as saying during the meeting.
'Protecting the rights of the Pakistani business community and providing them with a conducive environment for profitable business are among the top priorities of the government,' he continued.
Sharif also pledged to reduce the cost of doing business in Pakistan, noting that measures were being implemented to facilitate access to loans and reduce electricity prices.
Addressing tax compliance, he emphasized a zero-tolerance policy toward tax evasion. Pakistan has historically one of the lowest tax-to-GDP ratios in the region.
The government has tried to addressed the situation by reforming its tax collection body through increased automation to improve collection and compliance.
The official statement said the delegation of business leaders commended the government's economic policies, citing gradual improvements in the national economy and business environment.
They also presented budget proposals for the upcoming fiscal year.
Pakistan is scheduled to release a comprehensive economic survey for the outgoing fiscal year on June 9, only a day ahead of the budget preparation.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
In meeting with US lawmakers, Pakistani delegation says Delhi resisting dialogue with Islamabad
KARACHI: A Pakistani delegation led by former foreign minister Bilawal Bhutto Zardari met a group of American lawmakers on Thursday, telling them that India is consistently resisting dialogue to resolve bilateral issues. Prime Minister Shehbaz Sharif set up the delegation last month, tasking it to present Pakistan's point of view regarding the country's conflict with India last month. India and Pakistan last month engaged in four days of fighting, striking each other with missiles, drones, artillery and fighter jets before Washington brokered a ceasefire on May 10. Bhutto Zardari's delegation has held a series of meetings with top international diplomats since arriving in New York on Monday, urging the global community to help India and Pakistan enter a comprehensive dialogue to peacefully resolve their differences. On Thursday the delegation met members of the US Congressional Pakistan Caucus in Washington. These included Republican party leaders Jack Bergman and Ryan Zinke and Democratic leaders Tom Suozzi and Ilhan Omar, among others. 'Pakistan remains committed to peace, but sadly, India consistently resists dialogue,' Bhutto Zardari was quoted as saying by Bilawal House, his official residence. The former foreign minister criticized India's decision to hold in abeyance the Indus Waters Treaty, a decades-old water-sharing agreement with Pakistan. 'India has weaponized water, endangering the future of not only Pakistan but the entire region,' he said. He warned that if Indian hostility is not curbed in time, it could 'seriously jeopardize regional peace.' The Pakistani politician reaffirmed his country's desire for constructive engagement based on mutual respect and peaceful resolution of disputes, the statement said. 'The members of Congress welcomed the delegation, listened carefully to Pakistan's concerns, and expressed willingness to strengthen bilateral engagement and regional stability,' the statement concluded. Tensions between the arch-rivals began on April 22 when militants attacked a resort in Indian-administered Kashmir's Pahalgam area, killing 26 tourists. India blamed Pakistan for supporting militants involved in the attack, a charge Pakistan vehemently denied and called for a transparent, international probe into the incident. Pakistan and India, bitter rivals, have fought two out of three wars over the disputed territory of Kashmir that they both claim in full but govern only parts of. India accuses Pakistan of supporting militants in the part of Kashmir it administers. Islamabad denies the allegation and says it extends only diplomatic and moral support to the people of Kashmir.
Arab News
3 hours ago
- Arab News
Washington says Pakistan needs to address barriers to American exports, companies
KARACHI: Pakistan's government needs to address its tariff and non-tariff barriers against American exports and companies, a spokesperson at the US consulate general in Karachi said on Thursday as both nations seek to forge closer trade ties through negotiations. Reva Gupta, the spokesperson at the US consulate general in Karachi, made the comments a week after Pakistan and the US started what the official described as 'dynamic' negotiations with Finance Minister Muhammad Aurangzeb on Washington's imposition of tariffs. The talks take place as US President Donald Trump imposed steep tariffs on a number of countries earlier this year, a move widely viewed as a setback for the global economy still recovering from the coronavirus pandemic. Pakistan faces a potential 29 percent tariff, currently under a 90-day pause announced in April, on its exports to the US due to a $3 billion trade surplus with the world's biggest economy. 'In our bilateral engagements with Pakistan, we always message the need to jointly tackle challenges to our trade relationship, including the need for Pakistan to address its longstanding tariff and non-tariff barriers against US exports and companies,' Gupta told Arab News. The tariffs could be a setback to Islamabad's hectic efforts aimed at navigating a tricky path to economic recovery. Pakistan hopes to achieve sustainable economic growth driven by exports. The US is Pakistan's largest export destination. American exports to Pakistan were valued at $2.1 billion in 2024, up 4.4 percent ($90.9 million) from 2023, according to US government data. The import of goods from Pakistan to the US totaled $5.1 billion in 2024, up 4.9 percent ($238.7 million) from 2023. 'The United States and Pakistan share a robust economic relationship going back decades, of which trade and investment are key elements,' Gupta said. 'That the United States remains Pakistan's largest export market globally is a testament to this strong partnership'. Gupta, however, referred to US Trade Representative's (USTR) National Trade Estimate Report which highlights significant foreign barriers to US exports in various countries, including Pakistan. The USTR details tariff and non-tariff hurdles ranging from Pakistan charging higher tariffs to US businesses to the closure of Internet services, imposing a ban on US beef imports and 'perceived politicization' of the anti-graft National Accountability Bureau body. 'US companies have cited concerns that Pakistan has been imposing high tariff rates and, in some cases, additional duties, on products such as automobiles and finished goods,' the report said. Some prominent American companies operating in Pakistan include Pepsi-Cola, General Electric International, Procter and Gamble, Pfizer and DuPont, according to the International Trade Administration, a US government agency. Experts have warned the tariffs could harm Pakistan's competitiveness in the global market, especially if regional exporters such as China, Bangladesh and Vietnam redirect more goods to Europe, intensifying competition in alternative markets. 'LIKELY TO SAIL THROUGH' However, economist Shankar Talreja, who is also the director of research at Topline Securities Ltd. brokerage form, said talks between Washington and Islamabad are likely to 'sail through.' 'Pak-US trade talks are likely to sail through as Pakistan exports are primarily based on labor-intensive industry such as textile,' Talreja told Arab News. He said Pakistan is likely to increase its import of agricultural commodities such as cotton and petroleum products from the US to fill the trade deficit. But if talks fail, Pakistani textile exports may be adversely affected, he said. 'If talks are not successful, Pakistan textile exports may get hurt in future assuming other countries will successfully negotiate with the US,' the analyst warned. The textile industry attracts the largest amount of foreign exchange for Pakistan, fetching an impressive $17 billion for the cash-strapped nation in FY2024.
Arab News
3 hours ago
- Arab News
New Trump ban puts thousands of Afghans in US resettlement limbo
KABUL: A new US travel ban, which lists Afghans among nationals of 12 affected countries, has put on hold the lives of thousands of refugees who fled Afghanistan after the withdrawal of American-led troops in 2021. US President Donald Trump signed a proclamation on Wednesday banning nationals from Afghanistan, Myanmar, Chad, Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen from entering the country — part of a broader immigration crackdown launched by his administration earlier this year at the start of his second term. The move has placed in a state of indefinite waiting some 25,000 Afghans who have been approved for relocation to the US and are awaiting departure in Pakistan. One of them, Mohammad Iqbal, a 35-year-old former government employee, told Arab News that his refugee resettlement application has been active for the past two years. Having completed two interviews with the UN refugee agency and the necessary medical check-ups, he was waiting for his final visa appointment. He is not allowed to work in Pakistan, and he also cannot go back to Afghanistan — both for safety reasons and since that would halt the refugee process. 'I am running out of money and there is no work for Afghans here in Pakistan. We are also facing an increasing risk of deportation. My passport will expire if I don't make it to the US in a few months. It will be very difficult to go back to Afghanistan. I won't be safe there,' Iqbal said. 'I have done my master's degree abroad and worked in some highly technical positions before 2021 ... The current decision by the US president is very unfair and is against the promises made to us by the US government.' Besides those in Pakistan, thousands more Afghans are in the same situation stranded in Qatar and in the UAE, and another few hundred have been kept waiting at Camp Bondsteel in Kosovo — the largest US military base in the Balkans. The US travel ban will be in effect from June 9, according to a presidential proclamation released by the White House, which said that it was needed to protect the US from 'from terrorist attacks and other national security or public-safety threats.' Justifying the decision on Afghanistan, Trump cited its lack of a 'competent or cooperative central authority for issuing passports or civil documents' and screening and vetting capabilities. Another reason was that the Taliban, 'a Specially Designated Global Terrorist (SDGT) group,' controls Afghanistan. The Taliban took over Afghanistan in August 2021, when its Western-backed administration collapsed as American-led international forces withdrew after two decades of occupation that started with the US invasion of the country in 2001. The troop withdrawal was followed by an exodus of hundreds of thousands of Afghans — many of whom had worked as translators or local staff for foreign governments, organizations or for the previous administration, and feared potential retribution by the Taliban. 'The US played a direct role in creating this situation. As a result of the 20-year US occupation, Afghan society was divided into hostile groups that turned against each other,' said Nasir Ahmad Nawidy, political science professor at Salam University in Kabul. 'Because of the improper policy of the US — without an agreement and peace being reached — the country collapsed, and the systems and order were destroyed. As a result, many people who were prominent figures or experts in the previous regime, or other people who had held important positions in this country, were forced to leave Afghanistan.' He was still hopeful that the US justice system would challenge Trump's decision. 'The US has a commitment to these people,' he said. 'They have been promised it, and their visas are in process. Ignoring these commitments and halting or delaying ongoing processes is against all humanitarian laws.'
