PM Shehbaz Sharif Assures Business Leaders of Budget Focus on Industrial Growth

Prime Minister Shehbaz Sharif has pledged that Pakistan's upcoming federal budget will focus on fostering industrial growth and boosting production, assuring business leaders that the government is committed to creating a favorable economic environment.

During a meeting with presidents of chambers of commerce and industries to gather input for the budget, scheduled for June 5, Sharif directed the Federal Board of Revenue to clear all pending tax refund cases by June 15. He also ordered the relocation of Pakistan Revenue Automation Limited's headquarters to Karachi, aiming to enhance exports and support the business community. Additionally, the establishment of an immigration and passport office in Gujrat was approved.

The government is preparing a consolidated national development program exceeding Rs3.5 trillion, with projected economic growth of 4.1% and inflation at 8.5% for the fiscal year 2026-27. Prime Minister Sharif urged Pakistani investors to promote electric vehicle production through joint ventures, highlighting consistent efforts that have stabilized the economy and promising further measures in the budget to support industrial development.

In parallel discussions, Sharif noted a "new era" in the Pakistan-China economic partnership, driven by increased business engagements between the private sectors of both nations. He emphasized that enhanced cooperation in industry, agriculture, and technology with China would significantly boost Pakistan's exports and create new employment opportunities. This follows a review meeting assessing progress on agreements signed during his recent visit to China, with Sharif personally chairing monthly reviews to ensure swift transformation of Memoranda of Understanding into formal agreements and joint ventures.