Latest news with #PakistanAccessDay
Express Tribune
14-05-2025
- Business
- Express Tribune
Tax cut urged to boost digital inclusion
Listen to article Jazz Chief Financial Officer Farrukh Khan has urged the government to reduce the withholding tax from 15% to 8% in the upcoming budget for 2025-26 to bring millions into the formal digital economy. While addressing the Pakistan Access Day in London, he underscored the critical role of enabling regulation in unlocking this potential. A key recommendation was the reduction in withholding tax on telecom services from 15% to 8%; a step he said would significantly lower the cost of digital access and bring millions more into the formal digital economy. His remarks focused on how smart reforms, especially in taxation, can accelerate the country's journey towards an inclusive, investment-ready digital economy. Framing Pakistan as one of the last major untapped digital frontiers, Khan emphasised that the country's opportunity lies not just in scale but in timing. "With 240 million people, rising smartphone adoption, and broadband penetration still under 60%, Pakistan is not behind; it's right on the cusp of something transformative," he noted. He pointed out that despite the global digital shift, Pakistan's financial inclusion remains limited as only 60% of the country's 137 million adults currently have access to a formal bank account. However, he described this gap not as a constraint, but as an opportunity to leapfrog traditional models through mobile-first, tech-led solutions. "Tax rationalisation isn't just a fiscal matter; it's central to building a digitally inclusive society," he stated.
Express Tribune
09-05-2025
- Business
- Express Tribune
Aurangzeb addresses London moot
Listen to article Minister for Finance and Revenue, Senator Muhammad Aurangzeb, delivered a keynote address at the Jefferies' 'Pakistan Access Day' interactive conference co-hosted by KTrade Securities in London on Thursday. The event brought together a distinguished audience comprising top global institutional investors, senior executives from leading international banks, investment firms, and professionals from both the public and private sectors, said a press release received here today. The Advisor to the Prime Minister on Privatisation, Muhammad Ali, also attended and addressed the forum, which served as a vital platform to showcase Pakistan's economic progress and investment outlook to the international business community. Senator Aurangzeb underscored the government's firm commitment to macroeconomic reform and structural transformation and the government's resolve to stay the course to bring permanence to this macroeconomic stability. He stated that the country had made substantial progress toward achieving macroeconomic stability, with key economic indicators now reflecting improved resilience and discipline. "We have successfully navigated a period of significant external and domestic challenges, and Pakistan today stands on the foundation of restored macroeconomic stability," the Minister noted. "Through bold and far-reaching reforms, we have reinstated fiscal discipline, strengthened our external position, and rebuilt investor confidence." He highlighted that Pakistan posted a primary budget surplus of Rs3.6 trillion during the first half of FY2025, while inflation has seen a remarkable declinereaching just 0.3% in April 2025, the lowest level recorded in over a decade. These gains, he added, have been acknowledged internationally with Fitch upgrading Pakistan's sovereign credit rating from CCC+ to B-, reflecting renewed market confidence. Looking ahead, Senator Aurangzeb outlined Pakistan's ambitious economic targets, including 6% annual GDP growth by persisting with structural reforms in taxation, energy, SOEs, privatisation, pension and public finance, an expansion of exports to $ 50 billion, inflation moderation to 6%, and the development of a $5 billion ICT freelancing industry. Additionally, Pakistan aims to cut greenhouse gas emissions by 50%, raise the share of renewable energy to 10%, and reduce income poverty by 13%, he added. He emphasised that these goals are embedded within the Government's comprehensive "5Es Framework"focusing on Exports, E-Pakistan (IT), Environment & Climate Change, Energy & Infrastructure, and Equity, Ethics, and Empowerment. The Finance Minister reaffirmed the Government's policy of limiting its role to providing a robust and consistent policy framework, while allowing the private sector to take the lead in driving growth. He pointed to increasing private sector representation in top policy forums as a testament to this approach. Further, Senator Aurangzeb detailed the ongoing efforts to improve the investment climate in Pakistan. He highlighted the Investment Policy 2023, which offers clear protections and incentives for foreign investors, and the Special Investment Facilitation Council (SIFC), which serves as a streamlined "one-window" platform for expediting investment processes. "We are committed to making Pakistan's investment ecosystem more transparent, efficient, and investor-friendly," he said. "Over 160 regulatory reforms have already been implemented under the Pakistan Regulatory Modernisation Initiative (PRMI), and we are launching the Pakistan Business Portal to simplify business registration and approvals through digital integration." Additionally, he noted that Pakistan's reformed visa regime now allows for 24-hour e-visas for citizens of 126 countriesfurther facilitating international business engagement. Addressing the gathering, Advisor to the Prime Minister on Privatisation, Muhammad Ali, presented a detailed overview of the privatisation roadmap for state-owned entities (SOEs). He emphasised the transparency and competitiveness of the ongoing processes and highlighted the significant investment opportunities with attractive returns available across various sectors of the Pakistani economy. Ali reaffirmed that the Government's privatisation drive is focused on ensuring efficient service delivery and unlocking value for the public while creating a favourable environment for private capital. The conference concluded with renewed optimism and expressions of interest from international stakeholders, affirming Pakistan's strategic relevance and potential in the global economic landscape.
Express Tribune
06-05-2025
- Business
- Express Tribune
Finance minister departs for London to meet British officials and investors
Listen to article Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has departed for a three-day official visit to London aimed at deepening economic ties, attracting foreign investment, and engaging with British government officials, global financial institutions, and business leaders. During his stay, the finance minister is scheduled to address several investment forums and seminars, where he will present a clear and updated picture of Pakistan's economic outlook, Express News reported. The visit is part of the government's broader effort to promote investor confidence and highlight Pakistan's investor-friendly policies. One of the key engagements includes participation in an investment roundtable titled "Pakistan Access Day," organised by Jefferies, a leading investment banking firm. Aurangzeb will also attend a roundtable discussion with UK-based tech investors, focusing on opportunities in artificial intelligence, mining, and healthcare. Muhammad Ali, the Prime Minister's Advisor on Investment, will accompany him at both events. Aurangzeb's visit includes high-level government meetings. He is set to visit His Majesty's Treasury Department, where he will meet with Lord Livermore, the Financial Secretary to the Treasury, along with other senior officials. The finance minister will also visit the Foreign, Commonwealth & Development Office (FCDO) for meetings with Leo Docherty, the Parliamentary Under Secretary of State for the Middle East, Afghanistan, and Pakistan, and other senior British officials. In addition, the minister will engage with officials at the Office for Budget Responsibility (OBR) and meet its Chair, Richard Hughes, along with his senior team. Aurangzeb is also scheduled to visit the Bank of England headquarters, where he will hold discussions with Governor Andrew Bailey and his team. His visit includes meetings with top executives of major financial institutions such as Deutsche Bank and Standard Chartered Bank. He will also meet with Simon Baugh, Chief Executive of the UK Government Communication Service, and Marcus Hall, Head of Cargill Global Trading UK. Discussions are also planned with representatives of British American Tobacco. Beyond formal engagements, Aurangzeb and Muhammad Ali will attend a business dinner hosted by the Pakistan High Commission in London, which will bring together prominent British investors and business leaders. The finance minister will also participate in interactive sessions with selected members of the international and British press, where he will address questions on Pakistan's economic reforms, fiscal strategy, and investment priorities.
Business Recorder
06-05-2025
- Business
- Business Recorder
Aurangzeb departs for London to promote investment and engage with UK officials
Finance Minister Muhammad Aurangzeb on Tuesday departed for London, where he is scheduled to hold meetings with British government officials and business leaders. During the three-day visit, the finance minister will address various investment forums and seminars to present a 'clear picture of Pakistan's economic landscape', read a Finance Division statement. According to the statement, Aurangzeb will participate in an investment roundtable titled 'Pakistan Access Day' organised by Jefferies. He will also attend a roundtable discussion with UK tech investors on AI, mining and healthcare. Advisor to the Prime Minister on Investment, Muhammad Ali, will also accompany Aurangzeb at both these sessions, read the statement. Aurangzeb leaves for US to attend World Bank Group/IMF meetings During the visit, the finance minister will visit His Majesty's Treasury Department and meet with the Financial Secretary to the Treasury, Lord Livermore, and other senior officials. He will also visit the Foreign, Commonwealth & Development Office (FCDO) and meet the UK's Parliamentary Under Secretary of State for the Middle East, Afghanistan and Pakistan, Leo Docherty, as well as other senior officials. In addition, Aurangzeb will visit the Office for Budget Responsibility (OBR) and hold meetings with its Chair, Richard Hughes, and his team. He is also scheduled to visit the headquarters of the Bank of England and meet with Governor Andrew Bailey and his team. Moreover, meetings with the chiefs of Deutsche Bank and Standard Chartered Bank are also on the agenda. Furthermore, the finance minister will meet with Simon Baugh, Chief Executive of the UK Government Communication Service, along with his team. He will also hold meetings with Marcus Hall, Head of Cargill Global Trading UK, and officials from British American Tobacco.
