Prime Minister Shehbaz Sharif emphasised that achieving the Sustainable Development Goals (SDGs) for Pakistan will soon be within reach, thanks to a comprehensive consultative process that aims to bolster the country's economy.
Speaking at a meeting of the Economic Advisory Council on Wednesday, which he chaired, the prime minister reiterated that increasing exports is a key factor in Pakistan's economic development.
During the meeting, which focused on strategies to boost exports, the prime minister lauded the government's efforts to reduce electricity prices through successful negotiations with the International Monetary Fund (IMF).
He credited the economic team for their hard work and foresight in achieving this reduction, which he believes will lower production costs and make Pakistani industries more competitive in the global market.
“Reducing electricity prices will not only ease production costs but will also increase the competitiveness of Pakistani products on the international stage,” said Prime Minister Sharif.
He added that industrial development remains one of the government's top priorities, as it will drive economic growth and create employment opportunities across the country.
PM Shehbaz also underscored the role of experts in the Economic Advisory Council, whose suggestions are integral to shaping the country's economic trajectory.
He highlighted reforms such as the digitization of the tax system and advancements in information technology as essential to facilitating business growth and attracting investment.
“Through this consultative approach, the Sustainable Development Goals are within our reach. Our economic team’s hard work has laid the foundation for economic stability, reduced inflation, lower interest rates, and enhanced confidence from international institutions,” the Prime Minister remarked.
A significant focus of the meeting was the promotion of trade relations with the United States. Prime Minister Sharif confirmed that a high-level delegation would soon be sent to the U.S. to negotiate tariffs and further strengthen Pakistan’s trade ties, with leading business figures and exporters joining the mission.
Council members, including Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, and others, presented valuable suggestions to help propel the economy forward.
These suggestions ranged from improving Pakistan's export infrastructure to enhancing the skills of the domestic workforce in alignment with international standards.
One of the key proposals was to focus on the value addition and export of finished products rather than raw materials. This would help increase the competitiveness of Pakistani goods in global markets. Additionally, the council recommended improving communication infrastructure for goods transportation and promoting Pakistani goods through embassies abroad.
Participants also acknowledged the success of the recent Mineral Investment Forum and praised the government's efforts to reduce electricity prices for industries. They proposed a comprehensive study on the preparation stages for exportable products and their raw material acquisition to further enhance Pakistan's industrial sector.
In response to the suggestions, Prime Minister Sharif directed the economic team to present an actionable plan to address the council’s recommendations. He also instructed the formation of sector-specific sub-committees within the Economic Advisory Council to work on detailed action plans and present feasible solutions.
The meeting concluded with a commitment from the government to continue working closely with the private sector and experts to achieve the country's long-term economic objectives, including a substantial increase in exports.
