ISLAMABAD: Prime Minister Shehbaz Sharif said Pakistan’s economy has stabilised and entered a recovery phase as he formally launched the National Regulatory Reforms to make it easier to do business and restore investor confidence.
Speaking at the launch ceremony, the prime minister called the reforms a “major step forward” and said they would help business, industry and agriculture, while also encouraging foreign investment from Europe, the Far East and the Middle East.
He said the new system would cut unnecessary delays and reduce waste of time and resources, which had earlier led to corruption and favouritism.
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He praised federal and provincial authorities for working together on the reforms and thanked the British government and International Development UK for their support.
He described the United Kingdom as a long-standing partner in Pakistan’s development. The prime minister also said Pakistan has good relations with the United States and hopes to further strengthen cooperation.
Recalling the situation when his government took office, Prime Minister Shehbaz said the country was close to financial default, inflation was very high, interest rates were hurting businesses and economic activity had almost stopped, making investment difficult.
He said the government faced serious challenges but remained committed and, through teamwork and careful planning, managed to pull the economy out of trouble over the past one and a half years. He stressed that hard work must continue, with a focus on faster economic growth.
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The prime minister also mentioned the International Monetary Fund’s approval of a $1.2 billion loan tranche for Pakistan. He said too many rules and procedures in the past had badly affected the business climate.
He added that the government is focusing on attracting foreign investment in key sectors such as agriculture, information technology, and mines and minerals. Referring to Pakistan’s large youth population, he said vocational training with international certification is being provided to help young people find jobs in Pakistan and abroad.
Prime Minister’s Special Assistant Haroon Akhtar said the reforms represent a shift from a regulatory state to a development-focused state. He said the changes are part of wider reforms, including tariff adjustments, modernisation of regulations and revival of export-led industry.
UK Minister of State for International Development Baroness Jenny Chapman welcomed the reforms and called them a positive step. She highlighted Pakistan’s business potential, natural resources and role in global trade, and said trade and investment ties between Pakistan and the UK are growing.
