LAHORE: Finance Minister Muhammad Aurangzeb on Saturday highlighted the transformative potential of Pakistan’s IT and mineral sectors, terming them future game changers for the country’s economy. Speaking at the Lahore Chamber of Commerce and Industry (LCCI), he said the government is working proactively under Prime Minister Shehbaz Sharif’s leadership to deliver economic results swiftly, drawing inspiration from Singapore’s export-led model.
He pointed out that Singapore’s export success was largely driven by nickel alone, generating $22 billion, and added that copper could offer similar potential for Pakistan. Aurangzeb said international interest in Pakistan’s IT and mineral resources is increasing, and the government is removing investment barriers to encourage both local and foreign participation.
“Our objective is to serve the public. I am here to listen to the business community, understand their challenges, and address their legitimate concerns,” he said. He emphasized that economic stability is tied to timely investor payments and controlling inflation, noting that the interest rate has been slashed from 22% to 12%.
The minister stressed that lower financing costs, reduced power tariffs, and reformed taxation policies are vital for industrial growth. He assured that the benefits of declining inflation would reach the common man and warned that middlemen exploiting the system would be held accountable.
Addressing concerns of foreign investors, Aurangzeb confirmed that the issue of profit repatriation had been resolved, boosting investor confidence in Pakistan’s market.
He acknowledged the tax burden on the salaried class and expressed the government’s intention to provide relief. “If we raise our tax-to-GDP ratio to 13%, we can extend broader economic relief,” he stated.
The finance minister also revealed that 24 state-owned enterprises are being prepared for privatisation, with a focus on reducing human involvement to improve transparency and efficiency. He added that visa facilitation for business travel was also being prioritized in international dialogues.
In his remarks, LCCI President Mian Abuzar Shad lauded the government’s efforts to revive the economy, including inflation control and a sharp reduction in the policy rate from 22% in June 2023 to 12% now. He said falling inflation — from 20.7% in March 2024 to just 0.7% in March 2025 — would make financing more accessible for businesses.
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Shad also praised the “Uraan Pakistan” programme, aimed at increasing exports to $60 billion, attracting $10 billion in private investment annually, creating a million jobs per year, expanding renewable energy, and addressing poverty and climate change.
LCCI Senior Vice President Engineer Khalid Usman proposed increasing the turnover threshold for withholding agents due to currency depreciation, while Vice President Shahid Nazir Chaudhry called for a 10-year consistent economic policy roadmap to ensure sustainable growth.
Representatives from the Federal Board of Revenue and other chambers also attended the session.
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