Pakistan Stock Exchange (PSX) held a Gong Ceremony to formally welcome Mr. Ahsan Iqbal, Federal Minister for Planning, Development, and Special Initiatives, Government of Pakistan. The gong was struck by the Federal Minister to open the trading day amidst the presence of PSX Chairperson Dr. Shamshad Akhtar, MD & CEO PSX Mr. Farrukh H. Sabzwari, PSX Board Members, PSX Management, senior bankers, members of the capital market fraternity, key stakeholders, and distinguished guests. Dr. Shamshad Akhtar, Chairperson Pakistan Stock Exchange, welcomed the distinguished guests, stating, “Ahsan Iqbal has been a voice for developing countries at the United Nations,” and praised his contributions to global and national economic progress. She highlighted PSX’s remarkable performance, noting the crossing of the 100,000-point mark last week as a testament to Pakistan’s potential. She added, "This milestone brings renewed enthusiasm to the market and showcases the PSX’s role in financing long-term development projects." As the Chief Guest, Federal Minister Ahsan Iqbal congratulated the PSX Board and Management on behalf of Prime Minister Shehbaz Sharif. “Crossing the 100,000 mark in the KSE-100 Index showcases Pakistan's potential to the world. It is a moment of pride that highlights our economic resilience and the positive trajectory of our policies,” he said. He emphasized that the government's economic policies, including tough but necessary decisions, have steered the country towards stability. "Inflation has dropped from 38% to below 5% in two years, and the stock market has soared from 30,000 to 100,000 points," he stated. The Minister further remarked, “This historic achievement reflects that Pakistan’s economic policies are moving in the right direction. It is a signal to the world that Pakistan is not just a security state but a country with immense potential to attract investment. This milestone demonstrates the nation’s resolve and strength.” Addressing the gathering, he elaborated on the challenges the country faced in April 2022, when Pakistan was on the verge of default. “Decisions like increasing energy prices and delaying elections were not easy, but they saved the country from collapse," he stated, commending the wisdom of the coalition leadership in navigating through turbulent times. “Pakistan is now on a path where it can once again dream of becoming one of the world's leading economies.” Reflecting on historical challenges and achievements, Mr. Ahsan Iqbal mentioned the vision and efforts behind economic progress. "In 2013, when we launched Vision 2025, our goal was to make Pakistan one of the top ten economies by 2025. Despite setbacks, the government's policies have brought back hope and momentum. CPEC has played a critical role in connecting underdeveloped regions to the national growth trajectory, addressing energy crises, and attracting $25 billion in investments," he said. The Federal Minister also expressed optimism about Pakistan's future, stating, “Nations like Bangladesh, Malaysia, and Turkey have transformed their economies in the span of 15-30 years. Pakistan, too, has the potential to outpace its neighbors in the coming decades.” MD/CEO PSX, Mr. Farrukh H. Sabzwari, remarked, "It is an honor to host Mr. Ahsan Iqbal at PSX. The 100,000-point milestone reflects the trust of investors in Pakistan’s economy. Moving forward, our focus will be on increasing investor participation, listing more companies, and making PSX a true representative of the GDP." Prominent representatives from brokerage houses, asset management companies, and senior bankers attended the ceremony, which also served to recognize the collective efforts of all stakeholders in achieving this significant milestone. The event concluded with optimism about the future trajectory of Pakistan’s economy and the capital market’s pivotal role in driving it forward.
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