Export-led growth key to Pakistan’s economic future: FinMin

May 13, 2025 (MLN): Pakistan’s economic future lies in export-led growth, which is the only sustainable path forward, Finance Minister Senator Muhammad Aurangzeb affirmed during a meeting with leading exporters and business leaders in Islamabad.

The delegation was led by Shabbir Deewan, former Chairman of the Pakistan Business Council.

Highlighting the urgency of shifting away from recurring boom-and-bust economic cycles, the Finance Minister emphasized that all sectors must play a role in driving productivity and outward-looking economic policies.

He warned that without meaningful reform, Pakistan could face the prospect of returning to the International Monetary Fund for what would be its 25th program.

Aurangzeb underscored the need to dismantle the existing protectionist regime to foster genuine, market-based competitiveness, according to the press release issued today.

“The time for unnecessary protection is over,” he said, noting that the Prime Minister is personally overseeing efforts to accelerate this shift.

The Minister pointed out that addressing structural hurdles such as high borrowing costs, elevated energy tariffs, and a complicated tax system is essential for enabling domestic industry to compete globally and steer the country toward export-driven prosperity.

He further revealed that the upcoming federal budget is being drafted as a strategic roadmap, aligning fiscal priorities with long-term goals of sustainable economic growth centered on exports.

The dialogue also included a review of the government's Tariff Rationalisation Program, which seeks to eliminate inconsistencies and obstacles that impede business efficiency.

Representing the private sector, Shabbir Deewan expressed support for the government’s reform agenda and emphasized the need for greater policy consistency and predictability.

Finance Minister Aurangzeb concluded by assuring that input from all stakeholders will be incorporated in shaping the next phase of economic reforms.

He stressed that strong public-private collaboration is vital to building a resilient, productive, and globally integrated economy.

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