KARACHI: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Saturday said that the investment was coming into the country and existing investment was fantastic.
He said that the economy of the country was moving in the right direction.
While briefing the media persons after a meeting with Overseas Investors Chamber of Commerce and Industry (OICCI), the Finance Minister said that they talked about structural reforms, taxation, energy, SOEs, privatization agenda and had to move with them in cooperation with existing investors.
Aurangzeb said that the government would only provide policy framework and policy continuity, which was important. He said that these companies would help the government in terms of joint ventures, privatization of SOEs.
He advised the private sector to include a component of export in their investments.
The minister said that the country had import-led economy owing to that they got into the balance of payment problem.
He was of the view, ‘If We have to end the boom and bust cycle and put forward the economy towards 4, 5 or 6th percent growth. It has to be export-led growth.’
He said that every single entity of this country should contribute to exports. He said that markets were available for ‘Made in Pakistan’ products.
He said that they could not be complacent in the wake of the SBP Investors Confidence Report.
‘Why do I say that the private sector has to lead this country,’ he asked adding that SOEs had caused Rs6 trillion of loss during last 10 years.
Aurangzeb, replying to a question, said that investors were coming here and political stability was an important component. He said that the loss of Rs190 was being endured every single day due to sit-ins.
‘We have to collectively contemplate about it. We should build tolerance. When we talk about the Charter of Economy does not matter, which administration comes in,’ he said adding we all should be on the same page for a stable Pakistan.
He said that petroleum volume had grown up due to curb on smuggling. He said that they identified illegal stations, which had been sealed. They had also issued warnings to shops selling illegal cigarettes.
Answering a question, he said we were talking about the Agriculture tax with the Sindh government. Punjab government had done work on it and Khyber-Pakhtunkhwa and Balochistan were working on it.
