- Muhammad Aurangzeb says IT sector growing 25%, mining sector potential at $3.5 billion annually
- Claims exports up 5%, manufacturing growth at 4.1%, remittances to hit $41 billion, saying govnt pushing private sector innovation, especially in textiles
- Stresses IMF successful review international confidence in Pakistan’s economy, saying global firms eye Pakistan for 2026
- Says debt stock stabilized after nine years; reforms underway based on Global Diagnostic Report.
ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, on Sunday said the government is giving top priority to developing the new economy alongside traditional sectors, focusing on structural and institutional reforms to ensure sustainable economic growth.
Addressing a press conference during a visit to PTV Headquarters, he highlighted the rising importance of information technology, mining and minerals, and pharmaceuticals in driving the country’s economic transformation.
The minister noted that the IT sector is growing at a robust rate of 25 percent this year, while the mining sector has an annual potential of $3.5 billion. Exports are increasing by 5 percent per year, and the manufacturing sector is expanding at 4.1 percent annually. He added that remittances are projected to reach $41 billion this year, showing consistent growth.
Aurangzeb emphasized the government’s efforts to make the private sector more competitive, stressing that industrial innovation and productivity, particularly in textiles, are key to sustainable growth. “We must increase the tax-to-GDP ratio beyond the current 9 percent,” he said.
Speaking ahead of the 11th National Financial Commission (NFC) Awards, the minister said stakeholders would soon meet to ensure better progress. He also highlighted institutional reforms aimed at improving competitiveness and noted the successful completion of both IMF reviews, reflecting international confidence in Pakistan’s economy.
He added that sectors such as cement, petroleum, and fertilizers have shown notable improvement from July to October, while production in large industries has also increased. The Finance Minister said the government is monitoring the Balance of Payments and the Current Account closely and plans to soon approve measures to enhance exports, including the winding down of the Export Development Fund.
Aurangzeb further cited a survey by Overseas Chambers of Commerce and Industry, which ranked Pakistan favorably for economic activity and investment. He highlighted new domestic production, foreign investments in the energy sector, and the entry of global firms, projecting continued investment growth in 2026.
He concluded by noting that debt stock has stabilized for the first time in nine years and that the government is implementing recommendations from the Global Diagnostic Report to strengthen the economy further.
