Acting President Syed Yousuf Raza Gilani on Monday stressed the need to deepen Pakistan’s capital markets, broaden participation and encourage greater use of equity financing to support economic growth.
Addressing a ceremony after inaugurating the Founders’ Wall at the Islamabad Stock Exchange (ISE) Towers Limited, he said capital markets should play a greater role in mobilising savings, expanding businesses, creating jobs and strengthening the country’s industrial base.
The acting president recalled the contribution of late Ihsan-ul-Haq Piracha, who, as Minister of State for Finance in the government of Prime Minister Shaheed Mohtarma Benazir Bhutto, was instrumental in establishing the Islamabad Stock Exchange in 1989. He also paid tribute to the first Board of Directors for laying the foundations of the trading and settlement infrastructure that served Pakistan for more than two decades.
Speaking at the ceremony, the acting president said the Founders’ Wall honoured the institutional memory of Pakistan’s capital markets and recognised the foresight of those who worked to broaden capital access, democratise opportunity and bring the northern regions of Pakistan into the country’s financial mainstream.
Recalling his own association with the institution, Acting President Gilani said that as Prime Minister he had the privilege of laying the foundation stone of the ISE Towers. He said it had been his conviction that Islamabad should not only be the administrative heart of the country but also a pillar of its economic dynamism.
Mr Gilani said stock exchanges, beyond technical indicators such as trading volumes, index points and market capitalisation, were fundamentally vehicles of trust that could turn individual savings into national wealth and enable businesses to expand, create jobs and build industry without relying solely on bank debt.
He highlighted three priorities for strengthening the capital market: promoting financial participation through financial literacy programmes, encouraging family-owned
businesses.—APP
