Message from Minister for Finance, Revenue, Economic Affairs, Statistics and Privatisation

Today we are witnessing the much anticipated launch of the single unified stock exchange of the country - Pakistan Stock Exchange Limited (PSX). Our capital markets have indeed achieved a significant milestone today, for which I congratulate the entire Pakistani nation. I am hopeful that with appropriate and continued reforms, this achievement will go a long way towards sustainable development of our capital and financial markets and our economy.
The unity displayed by the stakeholders for successful establishment of the PSX is very impressive. It is heartening to note that the process of integration of the stock exchanges has been completed without disagreement or conflict. It has also sent a strong message that the nation stands united on important matters and that there is no lack of commitment and courage by the stakeholders.
The present government in Pakistan is firm in its resolve for creation of a strong, vibrant and competitive financial and capital market. Thematter of financial sector development is at the forefront of our economic reform agenda. The government fully realises that a robust capital market can prove as a basic building block for a strong economy. In collaboration with the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan, we are striving to improve the outlook of our markets. The establishment of PSX and the efforts for divestment of its shareholding are part of the same vision.
The Pakistani capital market is witnessing a revolutionary change in the shape of integration - the establishment of PSX is an unprecedented event in our history. It is expected that the unification of the trading platforms will create multiple benefits for the market. I am hopeful that the PSX will be able to fulfil the objective and expectations we have from this exchange. It needs to be ensured that the PSX will be a completely revamped and progressive exchange: well-positioned to attract global strategic investment and benchmarked internationally as one of the choicest investment destinations.
The government is dedicated towards achieving the goals of economic growth and prosperity, eradication of poverty, and development of the social and economic strata of the country. The government's business friendly reforms, strong macro-economic indicators such as record forex reserve levels, increased confidence shown by international donor agencies and initiatives for the privatisation of government held institutions, have accounted for betterment of the economy. Resultantly, our economy is performing better on many fronts as also reinforced by the upgradation of Pakistan's credit ratingand dollar bonds rating by the Standard and Poor's and Moody's respectively. The ratings have been upgraded based on our improving macroeconomic indicators and positive expectations of Pakistan's improved economic growth prospects, fiscal and external performance, and supportive relationship of external donors.
The present government, during its tenure has also extended its full support for regulatory revamping of the capital and financial markets, through enactment of crucial legislation such as the Securities Act, 2015 which has paved the way for effective regulation of the securities market in line with international best practices. Other important laws passed by the Parliament include amendments to the Demutualization Act, 2012, amendment to Companies General Provision & Forms Rules 1985, amendments in Insurance Rules 2002, amendment to Takaful Rules 2012, Underwriter Rules 2015, and Balloters and Transfer Agent Rules, 2015. Additionally, we are making efforts to expedite promulgation of other laws in the pipeline such as the Companies Bill, 2015 and the Futures Market Bill, 2015 which will facilitate effective regulation of the corporate sector and futures market.
In its efforts to build the financial sector, the government requires cooperation from other stakeholders and players. I urge all stakeholders to come forward and contribute positively to the economic development agenda. The creation of Pakistan Stock Exchange warrants revolutionary measures for ensuring investor protection and restoration of investor confidence. Together, we need to ensure that the benefits of integration are realised and PSX is able to project itself as a major regional player -centered on the principles of transparency, sound risk management, market development and investor protection!
I am hopeful that our foreign counterparts will also see PSX as a profitable investment partner, given the improving economic and capital market landscape of the country.
I wish the utmost success to the future stock exchange of the country!