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The Secretary, Ministry of Communications, Chairman National Highway Authority (NHA), MD Private Power & Infrastructure Board (PPIB), and senior officers from relevant ministries were also present in the meeting. The Committee considered the summaries presented by different Ministries/Divisions for the categorization of their relevant State-Owned Enterprises (SOEs) as strategic/ essential or otherwise. The Cabinet Committee approved the summaries presented by Power Division, Ministry of Industries & Production, and the Ministry of Overseas Pakistanis & Human Resource Development, while the agenda of Petroleum Division was deferred for further deliberations. The delegation from S&P Global appreciated the fiscal measures adopted by the Government of Pakistan and acknowledged the improvement in economic indicators. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb presided over the fourth meeting of the Governing Council (GC) of Pakistan Single Window (PSW) at Finance Division today.
- Attendees included PCICL Chairman Mr. Sun Bo, Managing Director Mr. Hassan Raza, and senior officials from the Finance Division and PCICL.
- Senator Aurangzeb underscored the government’s commitment to facilitating private sector-led growth, with the state focusing on creating a business-friendly environment.
- The meeting was also attended by Minister of State Mr. Ali Pervaiz Malik, Member Reforms FBR, and CEO Karandaaz.
- It was decided that in view of the peculiar nature of the entity, TCP may be categorized as a an essential SOE under the SOEs Policy, 2023.
- Senator Mr. Muhammad Aurangzeb acknowledged the significant contributions of P@SHA and assured the association of government’s support.
The meeting concluded with a mutual commitment to continue working together to address the challenges and harness the opportunities for the IT sector. The Federal Minister for Finance and Revenue, Senator Mr. Muhammad Aurangzeb, held a meeting with the Executive Committee Members of P@sha (Pakistan IT industry Association) led by Chairman P@sha Mr. Muhammad Zohaib Khan. The PTBA delegation appreciated the efforts of the Government to increase the tax base and conveyed their perspectives on optimizing tax documentation process to enhance efficiency. Representatives from REAP thanked the Finance Minister and briefed on the growth of agriculture sector particularly rice crop. Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb was called on by the Representatives of Rice Exporters Associations of Pakistan (REAP) at Finance Division today. Jane Marriott, thanked the minister for his interest in the programme interventions and commitment to reform that will take Pakistan forward.
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It was further highlighted that the Government is working on SOE reforms, privatization, rightsizing the government and bringing in investment through Public Private Partnership. Importance of FDI was highlighted and the role of SIFC in bringing in FDI in the priority areas of energy sector, agriculture sector and IT sector was discussed. In meetings with high-ranking officials from the Chinese institutions the Ministers briefed about the government’s reform agenda and engagement with the IMF. The discussions focused on the significant strides made by Pakistan in improving its macroeconomic indicators by focused reforms in taxation, energy and privatization of the state-owned enterprises.
The session aimed at exploring innovative financial solutions to drive social impact, enhance financial inclusion, and uplift marginalized communities across Pakistan. Minister Aurangzeb acknowledged Japan’s valuable contributions and assured the Ambassador of Pakistan’s continued engagement with Japanese investors to incorporate their input in the upcoming federal budget’s policy framework. Secretary Industries and Production delivered a detailed presentation outlining the current state of the electric vehicle industry. The presentation emphasized policy interventions to ensure smooth adoption of NEVs in line with national priorities.
The Ministry of Energy (Power Division) presented a proposal for the reconstitution of the Boards of Directors of the Central Power Purchasing Agency Guarantee Ltd (CPPA-G), Power Planning and Monitoring Company (PPMC), and Power Information Technology Company (PITC). The proposal included the nomination of Independent Directors, Ex-Officio Directors, and the Chairman for each of these Boards. After consideration, the CCoSOEs approved the nominations, thereby reconstituting the Boards of CPPA-G, PPMC, and PITC. The dinner provided an opportunity for open and constructive discussions between Pakistani officials and the ADB delegation, paving the way for future collaboration on critical projects. The ECC also discussed and approved a summary submitted by the Ministry of Energy (Power Division) seeking a compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Private) Limited. The ECC considered and approved grant of a Technical Supplementary Grant to the tune of Rs. 1.8 billion to the Ministry of Defence for overhaul of engines of two VVIP aircraft being utilized for state duties with the President and the Prime Minister of Pakistan.
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Mr. Jameel Ahmed, Governor State Bank of Pakistan, highlighted the progress achieved on various fronts in respect of various initiatives proposed by PBA for financing to priority sectors. He argued that some of the proposals suggested by PBA were concrete in scope and the central bank had already issued necessary notifications on regulatory side to facilitate their implementation. He also proposed a more proactive consultation between stakeholders, particularly with telecos and power companies, on initiatives requiring data collection and building scorecard for agriculture and SME sectors for sustainable financing. Dr. Andreas acknowledged Pakistan’s leadership in adopting international accounting standards and commended the country for being an early follower of global practices.
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The meeting was attended by senior officials, including the Chairman of the Federal Board of Revenue (FBR), the Secretary of the Commerce Division, and other senior officers from the Finance Division and FBR. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has reiterated the government’s unwavering commitment to resolving critical issues related to taxation, energy, and financing, as part of its efforts to ensure the long-term viability and future growth of Pakistan’s industrial sector. The meeting focused on matters of mutual interest, including avenues for enhancing economic cooperation and increasing US investment in Pakistan’s priority sectors.
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Furthermore, Senator Aurangzeb expressed appreciation for the EU’s support for Pakistan, particularly the importance of the Generalized Scheme of Preferences Plus (GSP Plus) facility. Senator Aurangzeb thanked Dr. Kionka for taking the initiative to host the forum and assured her of his full support. He expressed his intention to attend and speak at the event in person, underscoring the government’s commitment to supporting EU businesses in Pakistan and facilitating their operations, including ensuring the timely repatriation of dividends and profits. During the meeting, Senator Aurangzeb and Ambassador Kionka discussed opportunities for European businesses in Pakistan, emphasizing the need to create an enabling investment climate to harness the growing appetite for expansion. Dr. Kionka shared that the EU had already mapped over 300 European companies operating in Pakistan, with the belief that many more are present. The Minister emphasized that while Pakistan could learn from global best practices, the country must ensure that its business and revenue models are firmly rooted in local realities.
He expressed appreciation for CCI’s proactive approach in engaging with the government on policy matters, emphasizing that such dialogue is vital to aligning business practices with national economic chicken road goals. The Minister reiterated that the Government of Pakistan recognizes the importance of maintaining a balanced taxation framework that supports industrial growth while ensuring fiscal responsibility. The Finance Minister appreciated Mr. Winters visit to Pakistan, which signifies Standard Chartered’s commitment to the country.
Minister Muhammad Aurangzeb expressed his gratitude to the delegation for their interest in Pakistan’s energy sector and reiterated the government’s commitment to fostering mutually beneficial partnerships with global investors. During the meeting, representatives from PARCO and Gunvor Group provided an overview of their current projects and activities in Pakistan. The meeting underscored the strong bilateral relations between Pakistan and Finland, and the shared commitment to fostering economic stability and growth. Senator Aurangzeb assured Minister Bolat of the Pakistani government’s commitment to supporting investors by streamlining regulations which support ease of doing business. The Chargé d’affaires reiterated the Chinese government’s commitment to support Pakistan’s sustainable economic development.
The delegation was led by Mr. Augie K. Fabela, founder and chairman of the Board Veon Group, while Mr. Kaan Terzioglu, Group CEO VEON, Ms. Marine Babayan, Group Director of Corporate Affairs VEON and Mr, Aamir Ibrahim, CEO Jazz, were also present. During the meeting, various aspects of historical and longstanding brotherly ties between Pakistan and Turkiye, particularly the growing bilateral cooperation in trade, investment and defense, came under discussion. The ECC also decided that the Revenue Division and Finance Division would work out the mechanics, including allocation and release of budgets, under the five proposals, through joint consultation. Ms. Bohannaon appreciated the government’s comprehensive reforms program and assured the full support to FCDO. The Committee reviewed a summary from the Cabinet Division regarding the reconstitution of the Board of Directors of the Printing Corporation of Pakistan (PCP).