Events

Federal Finance Minister unveiled 4 point agenda to put Pakistan on path of prosperity

Islamabad, August 17, 2022: Leaders in Islamabad are instrumental in bringing new thoughts and significant perspectives always. They had invited Dr. Miftah Ismail Federal Minister for Finance and Revenue and Sherry Rehman Federal Minister for Climate Change as guests of honor for their 5th edition titled “Imagineering The Future.”

The Summit is jointly hosted by Nutshell Group and Martin Dow, in strategic partnership with OICCI – Overseas Investors Chamber of Commerce & Industry.

‘’The government is considering promoting exports of the country at an aggressive level through an incentive of significant tax waiver to companies which could enhance their exports by 10% of its productions.’’

This was stated by Dr. Miftah Ismail, Minister of Finance while addressing Summit held at a local hotel on Wednesday. 

He said that the government will provide full support to companies having plans for exporting their products to different countries because it is a daunting task that must be taken as a challenge. Various business groups in Pakistan are performing outstandingly and contributing to the national economy through taxes and different ways but they spend $200 million on imports every year which needs to be addressed by enhancing our exports, he said. ‘’If you make something, sell it abroad, if you build, go construct abroad, if you offer a service, offer it abroad. The nation should set the direction to the promotion of exports.’’

Businesses in Pakistan should think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition. Dr. Ismail insisted on 3 things essential for progress: 

  • Export
  • Bring sustainability and technology to the Agriculture 
  • Educate every child

Containing the expenses in imports can stabilize the budget deficit including the trade deficit and current account deficit in tandem.

The government may not enhance the export overnight but it did control imports of non-essential goods which impacted inflows of foreign exchange to the tune of $700-800 million in the interbank market in the last few months while the country also paid its scheduled debt-servicing in the first week of August.

Federal Minister for Climate Change Senator Sherry Rahman spoke about the urgency of required action to combat climate change. She said climate change is a matter of national security which have affected adversely food and energy security, supply chain, infrastructure, and precious lives of the citizens across the country.

One-fifth of Pakistan is submerged at present due to heavy monsoon rains which have wreaked havoc on the infrastructure in many parts of the country especially Balochistan and Sindh. Pakistan is at the front of climate change and we would like all corporates to interweave sustainability goals in their mission statements. She said that greenwashing has to end and genuine efforts have to be made. 

She also mentioned that they are trying to move the markers for 2050 down to 2030 as climate change is accelerating and our pace needs to match it. 

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