DNA
ISLAMABAD, October 22: Advisor to the Prime Minister on Privatisation and Chairman Privatisation Commission Muhammad Ali has called for consistent economic reforms, greater private investment and an export-led growth strategy, identifying agriculture, textiles and IT services as key sectors for Pakistan’s economic future.
Addressing the CEO Summit Islamabad at Serena Hotel on Thursday, the minister said Pakistan had weathered severe economic and fiscal challenges in 2022 and 2023, but sustained growth required a clear direction and consistent implementation of reforms.
Presenting his five-point “TRUST” framework, he emphasised targeting competitive sectors, sustaining reforms, unlocking private capital, scaling up exports and developing talent through education and skills training.
He said Pakistan should prioritise sectors with proven strengths, strong international demand, potential for large-scale employment and the capacity to generate foreign exchange.
Citing the experiences of China, South Korea, Vietnam and Bangladesh, Mr Ali said sustained economic progress depended on building on existing strengths and maintaining a consistent policy direction.
He identified agriculture and agri-processing, textiles and apparel, and IT and digital services as sectors with significant growth potential.
The minister highlighted energy reform, economic documentation and state-owned enterprise restructuring as key priorities. He said affordable and reliable energy, a broader tax base and consistent reforms were essential to improving the business environment and attracting investment.
He said the Privatisation Commission was working on the privatisation of 17 state-owned enterprises, including nine power distribution companies, as well as the outsourcing of three major airports and transactions involving banks and insurance companies.
Mr Ali said privatisation and public-private partnerships could bring investment, expertise and efficiency into businesses and infrastructure, while allowing public resources to be directed towards essential services.
Stressing the need to expand exports, he noted that Pakistan received approximately $41.6 billion in workers’ remittances in the previous fiscal year, compared with around $30 billion in goods exports. While acknowledging the importance of remittances, he said long-term growth required stronger production and higher-value exports.
He also called for greater foreign investment, support for start-ups and industry-focused technical and vocational training. Expanding women’s participation in the workforce, he added, was important for improving productivity and economic competitiveness.
The Advisor said the five elements of the TRUST framework needed to advance together to build a more resilient economy capable of sustaining growth in a changing global environment.
