Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with a delegation of the American Business Forum (ABF), led by its President, Mr. Osman Khalid Waheed, at the Finance Division today.
Welcoming the delegation, the Finance Minister briefed participants on Pakistan’s improving macroeconomic outlook, highlighting progress on the fiscal and external fronts, as well as constructive engagement with international financial institutions and development partners. He noted that despite global uncertainties and regional challenges, the government remains committed to maintaining macroeconomic stability and pursuing structural reforms to support sustainable growth.
The Minister also apprised the participants of ongoing government efforts to manage energy sector challenges, strengthen supply chains, and ensure effective coordination across key ministries through a high-level committee chaired by him. He emphasized that the government is closely monitoring developments and remains fully engaged with both domestic and international stakeholders to safeguard economic stability.
Members of the American Business Forum appreciated the government’s reform agenda and shared a range of proposals aimed at improving the overall business environment. Key areas of discussion included tax policy rationalization, reduction in compliance burden, incentivization of exports, and facilitation of foreign exchange inflows. The delegation emphasized the need for predictable and consistent policies to encourage long-term investment.
The discussion also focused on sector-specific issues. Representatives from the pharmaceutical sector highlighted the potential to significantly increase exports with regulatory reforms, noting that the industry could expand exports from approximately USD 1 billion to USD 3-5 billion without requiring fiscal subsidies. They stressed the importance of modernizing regulations and ensuring consistency in pricing decisions.
Participants from the IT and services sectors underscored the need to facilitate foreign exchange retention and incentivize export-oriented growth. Issues related to digital payments, corporate card usage, and taxation of cross-border transactions were also raised, with stakeholders calling for streamlined processes to support digitalization and ease of doing business.
The delegation shared a range of proposals related to tax policy and the overall business environment, including perspectives on tax structure, incentives, and administrative processes. They also highlighted the importance of continued reforms in customs and tax administration, as well as further improvements in digital systems and procedural efficiency to facilitate ease of doing business.
Senator Aurangzeb acknowledged the valuable input provided by the delegation and reiterated the government’s commitment to fostering a business-friendly environment. He assured participants that many of the proposals are already under consideration and that the upcoming budget would reflect a clear direction toward tax rationalization and regulatory reforms.
The Finance Minister emphasized that policy-making is being aligned with broader economic value considerations, with a focus on promoting exports, encouraging investment, and ensuring long-term sustainability. He also highlighted ongoing efforts to separate tax policy from revenue collection functions to improve transparency and efficiency.
Towards the end, both sides agreed to maintain close engagement and continue dialogue to support Pakistan’s economic transformation and attract increased foreign investment. The Finance Minister invited the Forum to share further actionable proposals, particularly in light of emerging regional opportunities, to help position Pakistan as a competitive investment destination.
The delegation comprised senior representatives of leading multinational and domestic companies, including Mr. Osman Khalid Waheed (CEO, Ferozsons Laboratories Limited; President, ABF), Dr. Mazhar Qureshi (Country CEO, Stewart Pakistan), Mr. Ahmad Irfan Khan (CEO, Jockey Pakistan), Mr. Vaseem Anvar (CEO, ECHO West), Dr. Faisal Hashmi (Director, Coca-Cola Pakistan), Mr. Khurram Shah (Director, PepsiCo), Mr. Usman Ashraf (CEO, Hardee’s MDS Foods), Mr. Malik Bajwa (CEO, Bajco Group), Mr. Sohail Nisar (Director, Millat Tractors Limited), Ms. Ayesha Haq (Executive Director, Pharma Bureau, representing Abbott Pakistan Limited), and Mr. Robert Newsome.
