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KARACHIJune 12,2026: Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saquib Fayyaz Magoon, has welcomed the Economic Survey 2025-26, saying its figures indicate gradual economic recovery. However, he urged the government to introduce long-term reforms to accelerate growth.
Magoon said Pakistan achieved 3.7 percent GDP growth, which reflects positive progress. Nevertheless, he stressed that the government must take stronger and more effective measures to push economic growth to the next level. He expressed confidence that Pakistan could achieve 5 percent GDP growth if it continues to support the industrial and export sectors.
Furthermore, Magoon noted that Pakistan’s economy has expanded to $452 billion, describing it as an encouraging milestone. However, he said the agriculture sector continues to underperform despite the country’s strong agricultural base. Therefore, he urged the government to give greater attention to agriculture and unlock its full potential.
In addition, he called for export-focused policies to boost foreign exchange earnings. Although the economy has shown signs of improvement, he warned that recent tensions involving Iran and the United States have created fresh geopolitical and economic challenges. Therefore, he urged the government to adopt a comprehensive and long-term economic strategy.
Meanwhile, Magoon praised overseas Pakistanis for their continued support. He noted that they sent more than $38 billion in remittances during the first eleven months of the fiscal year. According to him, these inflows have strengthened the economy and improved Pakistan’s external accounts.
Moreover, he welcomed the nearly 6 percent growth in Large-Scale Manufacturing (LSM). However, he emphasized that Pakistan can achieve even stronger industrial growth through consistent long-term policies. He also urged the government to reduce electricity, gas, and other utility tariffs so local industries can compete more effectively in global markets.
Magoon further described the increase in foreign exchange reserves to $18 billion as another positive development. He said stronger reserves would improve economic stability and support the country’s external sector.
Finally, he reaffirmed the business community’s support for the government’s economic stabilization efforts. At the same time, he urged policymakers to incorporate practical proposals from traders and industrialists into the federal budget. According to him, the government should present a budget that promotes investment, industrial expansion, exports, and sustainable economic growth.
