National regulatory reforms launched, economy out of the woods: PM

LAHORE/ISLAMABAD: Launching the ‘National Regulatory Reforms,’ Prime Minister Shehbaz Sharif on Saturday said Pakistan is now economically out of the woods. He said the government is now focusing on economic growth and to bring investment in sectors such as agriculture, IT and mines and minerals.

“Pakistan has a youth bulge and we are offering them vast opportunities for vocational training and international certification so that they can find productive jobs not only in Pakistan but also abroad,” the premier said while addressing a ceremony on the occasion.

The Prime Minister recalled the dire economic situation back in March 2024 and said, “Our economic indicators are wonderful and the IMF has also approved a tranche of 1.2 billion dollars.”

Terming this regulatory framework as a quantum jump, he said this will facilitate business community, industrialists, agriculture and foreign direct investment from Europe, Far East and the Middle East.

This will also take care of waste of time and resources that lead to corruption and nepotism, he added. He mentioned that he has entrusted the Board of Investment to lead ‘Asaan Karobar’ technical unit, a dedicated body tasked with continuous regulatory modernization and aligning Pakistan’s business environment with international best practices. He emphasized for materializing and implementing these landmark reforms at a fast speed so that the people of Pakistan can feel the change.

Country’s economic model uncompetitive: Ejaz

UK Minister of State for International Development, Baroness Jenny Chapman, in her remarks, highlighted Pakistan’s entrepreneurial potential, natural resources and strategic position in global trade.

Describing the reforms as a positive achievement, she said they reflected shared ambitions of the UK and Pakistan.

She noted that trade between the two countries stood at £5.5 billion annually and referred to a new trade dialogue, adding that the UK was supporting Pakistan’s efforts to engage its 1.6 million-strong diaspora in Britain to unlock private capital and boost trade and investment.

Speaking on the occasion, Haroon Akhtar, the special assistant to the prime minister on industries, said the day marked more than a policy milestone, calling it a turning point in Pakistan’s transformation from a regulatory state to a developmental one.

He said regulatory reform was part of a broader agenda based on three pillars: tariff rationalisation, regulatory modernisation and export-led industrial revival.

Under the new national tariff policy, he added, the government was moving towards predictability and competitiveness while phasing out arbitrary duties.

Copyright Business Recorder, 2025