Prime Minister Shehbaz Sharif on Tuesday sought proposals from industrialists and business leaders for sustainable, export-driven economic growth.
Addressing a meeting with representatives of the business community, he said economic expansion would only be meaningful if backed by higher exports.
“We need export-led growth,” PM Shehbaz said, seeking recommendations on ways to increase exports, address emerging challenges and improve the business environment. He cited tax incentives for exporters as one of the measures that could support export-oriented growth.
The prime minister recalled that the government had held extensive consultations with the business community ahead of the federal budget and said cooperation between the public and private sectors had helped introduce long-awaited structural reforms.
He said enforcement measures had enabled the government to recover Rs800 billion in one year without imposing additional taxes, describing the achievement as the result of “tremendous teamwork” with the business community.
PM Shehbaz said Pakistan was now prepared to move forward with a growth strategy based on input from the private sector.
Finance Minister Muhammad Aurangzeb has also stressed the need to build an ecosystem that promotes private-sector-led and export-driven growth, saying Pakistan had moved beyond stabilisation but now needed to ensure that growth remained sustainable.
Earlier, PM Shehbaz welcomed an export insurance facility launched by the Export Development Fund and the Export-Import Bank of Pakistan. He said the Rs3 billion risk pool would improve access to export credit insurance, particularly for small and medium-sized enterprises, and help increase export volumes.
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