Federal Finance Minister Muhammad Aurangzeb has revealed that the global technology giant Google is planning to transform Pakistan into a major export hub. Speaking at a ‘Future Summit’ in Karachi, the Finance Minister affirmed that Pakistan’s economy is moving in the right direction and stressed that structural reforms are indispensable for sustainable growth.
Economic Stability and Reforms:
Muhammad Aurangzeb highlighted the global acknowledgment of the country’s economic improvement, noting that international rating agencies have recognized Pakistan’s economic recovery. He added that macro-stability has been praised internationally, and the nation’s corporate profits have seen a 9 percent increase.
The Minister’s key points included:
- Role of the Private Sector: He asserted that production-based economic growth is the only sustainable path, emphasizing the crucial role of the private sector in achieving this.
- Tax Base Expansion: The tax net has been broadened to increase national revenue, resulting in an addition of 900,000 new filers. He mentioned that digitalization will bring transparency to the economy, noting that Egypt has even requested to learn from FBR’s reforms.
Development Plans and Privatization:
Muhammad Aurangzeb committed to making Pakistan a center for exports, specifically indicating a focus on the IT and Maritime sectors.
“We will continue to provide the ecosystem to capitalize on global diplomatic successes. Google wants to devise a plan to make Pakistan an export hub,” the Finance Minister stated.
He further mentioned the need to create an ecosystem for AI-driven development and noted the vast opportunities available for promoting the Blue Economy. Regarding privatization, he confirmed the decision to sell 24 state-owned entities, while the privatization of PIA (Pakistan International Airlines) will be completed before the end of this year.
