LAHORE: Federal Finance Minister Muhammad Aurangzeb has announced that Prime Minister Shehbaz Sharif will soon introduce a comprehensive relief package aimed at revitalizing Pakistan’s construction sector. The announcement was made during his address at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office in Lahore.
The minister revealed that the government is also reviewing tax reductions for the property sector and is preparing a separate relief package for the textile industry, expected within the next 10 to 12 days.
Speaking to members of the business community, Aurangzeb reaffirmed the government’s commitment to an export-driven economic strategy. He stated that with macroeconomic stability gradually returning, the next phase of growth depends on industrial expansion and private sector participation.
He emphasized that sustainable job creation cannot rely solely on the government, especially for a population of over 250 million people. Instead, he stressed that empowering the private sector is essential for generating employment opportunities.
Aurangzeb further highlighted the importance of economic digitalization, noting that increased digital integration would improve transparency and enhance revenue collection. Addressing concerns about taxation, he acknowledged that the salaried class currently carries a heavy tax burden and assured that meaningful relief measures are under consideration.
The Finance Minister clarified the distinction between real estate and construction, explaining that the construction industry supports numerous allied sectors and plays a key role in economic activity. He assured stakeholders that the government is committed to resolving challenges faced by the business community.
On Pakistan’s broader economic outlook, Aurangzeb stated that the positive impact of the country’s agreement with the International Monetary Fund is beginning to show. He noted that international financial institutions are regaining confidence in Pakistan’s economic direction.
Reflecting on past challenges, he mentioned that Pakistan had once faced severe financial strain, compounded by the devastating floods of 2022. However, he said the country has since strengthened its economic buffers, improving resilience against external shocks.
Highlighting the potential of the IT sector, Aurangzeb described information technology exports as a major driver of future growth. Current IT exports stand at approximately $3–4 billion, with the potential to double in the coming years. He encouraged the repatriation of overseas export earnings to further strengthen foreign exchange reserves.
He added that inflation has significantly declined due to government policies and that foreign exchange reserves have improved compared to previous years, when the country had limited import cover. Today, Pakistan’s import cover has strengthened to approximately two and a half months.
Expressing optimism, the Finance Minister stated that the most challenging economic period is now behind the country. He expressed confidence that inflation will remain controlled and that interest rates are expected to gradually move toward single digits.
The event was attended by FPCCI President Atif Ikram Sheikh, Senior Vice President Saqib Fayyaz Magoon, former caretaker Commerce Minister Dr. Gohar Ijaz, UBG Patron-in-Chief SM Tanvir and Regional Chairman Zaki Ijaz, along with representatives from major export sectors who presented proposals for economic improvement.
Source: Business Recorder
