LAHORE: Federal Finance Minister Senator Muhammad Aurangzeb has revealed that Information Technology and mineral sectors are going to be game changers for Pakistan’s economy and Prime Minister Shahbaz Sharif is leading the economy and the nation would see best results soon.
He was addressing the business community here at the Lahore Chamber of Commerce and Industry (LCCI). LCCI President Mian Abuzar Shad, Senior Vice President Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, SAARC Chamber’s Vice President Mian Anjum Nisar and Executive Committee Members also shared their problems and suggestion with the Finance Minister. Representatives of Federal Board of Revenue (FBR) and other chambers were also present.
The Finance Minister said that only nickel became a major export driver for Singapore with USD 22 billions of share in exports, citing that copper has the potential to yield similar dividends for Pakistan.
He said that global interest in Pakistan’s mineral sector and IT potential is growing and the government is focused on removing all barriers to attract and facilitate both local and foreign investment in these key sectors.
Muhammad Aurangzeb said, “We are here to serve the people. I am visiting chambers to listen, understand and resolve problems of the business community. The legitimate demands of the chambers will be accepted. We talk about economic stability. It is very important that if we cannot return the money of our country’s investors on time, how can we move forward? Lowering inflation is essential for economic stability. The interest rate was at 22 percent, today it is at 12 percent.”
He was of the view that industrial growth is only possible if financing costs, power tariffs are reduced and improve taxation policies are put in place. Under Prime Minister Shehbaz Sharif’s leadership, he mentioned, the economic direction of the country has clear goals and positive results would soon be evident.
The Finance Minister said that hurdles to profit repatriation for foreign investors have been addressed which boosted their confidence in the Pakistani market. “We are ensuring that the benefits of reduced inflation directly reach the common man. Middlemen will not be allowed to exploit the system,” he vowed.
While talking about taxation, he admitted that the salaried class is bearing the tax burden, as income tax is deducted at source, and ‘we intend to offer relief to the salaried segment.’ He disclosed that 24 national entities have been earmarked for privatization, stressing the need for reduced human interaction to resolve systemic issues.
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