KARACAHI: Finance Minister Muhammad Aurangzeb has said the private sector is leading the country\u2019s economic growth, stressing that restoring the confidence of local investors would help boost investment.<\/p>\n\n\n\n
Addressing the Pakistan Stock Exchange, the finance minister said that the government was pursuing comprehensive planning to promote investment and provide investors with all possible facilities.<\/p>\n\n\n\n
\u201cNow the issue of finance no longer remains,\u201d Aurangzeb said, adding that banks had approved loans worth Rs340 billion.<\/p>\n\n\n\n
He said Rs60 billion in loans had already been disbursed in the real estate sector, while Rs380 billion in loans had been approved under the Prime Minister\u2019s Apna Ghar scheme.<\/p>\n\n\n\n
Aurangzeb said that 24,000 new investor accounts had been opened in the stock market, although the capital and debt markets had experienced \u201ca bit of a reverse gear\u201d.<\/p>\n\n\n\n
He said that all major economic indicators were showing a positive trend and the country\u2019s economic direction was right, with Pakistan moving towards sustainable stability.<\/p>\n\n\n\n
The minister said the government\u2019s target was to achieve export-led economic growth and stressed the need for comprehensive reforms to strengthen the economy.<\/p>\n\n\n\n
\u201cWe have to improve the country\u2019s image by focusing on economic growth,\u201d he said.<\/p>\n\n\n\n
Aurangzeb said foreign companies were showing interest in investing in Pakistan, while investors from T\u00fcrkiye and Saudi Arabia were also coming to the country.<\/p>\n\n\n\n
He said the government needed to encourage local investors to increase investment in the country, adding that all possible facilities were being provided to investors.<\/p>\n\n\n\n
The finance minister said the Overseas Investors Chamber of Commerce and Industry had an important role to play in increasing exports.<\/p>\n\n\n\n
He also said that the Federal Board of Revenue (FBR) had achieved its September target, describing the latest developments from the tax authority as encouraging.<\/p>\n\n\n\n
\u201cGood news has also emerged from the FBR,\u201d he said, adding that economic indicators were showing positive trends.<\/p>\n\n\n\n
Aurangzeb said structural reforms were important for the economy and the government was working on artificial intelligence, IT exports and the blue economy.<\/p>\n\n\n\n
He said global conditions had also affected inflation, with the inflation rate moving from single digits into double digits.<\/p>\n\n\n\n
The minister said there had been no shortage of petroleum products in the country, adding that the government had ensured uninterrupted supplies.<\/p>\n\n\n\n
He said the government was continuing efforts to attract investment and strengthen the foundations for sustainable economic growth.<\/p>\n\n\n\n
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