COMMERCE REPORTER
LAHORE: Punjab Finance Minister Mujtaba Shuja-ur-Rehman attended the Best Achievement Awards ceremony organised by the business community as the chief guest.
He presented awards to men and women who demonstrated outstanding performance as small business owners in 2023-24.
The event was attended by prominent business figures from across Pakistan.
In his address, the finance minister criticized the previous Pakistan Tehreek-e-Insaf (PTI) government for creating severe economic issues. He noted that more loans were taken in four years than by any previous government, which would have led to bankruptcy without timely intervention.
Shuja-ur-Rehman highlighted that in 2018, the country’s economic growth rate was 6 percent, which has now dropped to 2 percent. He blamed the previous administration for obstructing the China-Pakistan Economic Corridor (CPEC), which was set to bring $50 billion in investment. He added that the inflation rate saw a record increase during this period.
The minister praised the efforts of Prime Minister Shehbaz Sharif and Chief Minister Maryam Nawaz Sharif over the past three months in tackling these challenges. He noted that they successfully reduced the inflation rate, which had been stuck at 20 percent for two years. This period also saw improvements in the stock market and a restoration of global investor confidence. Additionally, investment opportunities under CPEC increased, with China indicating a willingness to invest more.
Shuja-ur-Rehman emphasized that sustainable measures have been taken to boost investment in a short span of three months. The current government’s economic policies prioritize public-private partnerships and are committed to creating a conducive environment for investment. He urged businesspeople to fulfill their responsibilities in this regard.
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