Voicing optimism about the pace of Pakistan’s economic development, Deputy Prime Minister Ishaq Dar on Tuesday hoped the country will become a part of Group of 20 nations by 2030.
Addressing a ceremony to lay the foundation of a new headquarters of the Competition Commission of Pakistan (CCP) in Islamabad, he stressed that all regulatory bodies must work collaboratively and effectively to further accelerate the country’s growth.
Emphasizing that a strong CCP was vital to ensure a level-playing field for businesses and foster investment in Pakistan, he lamented that cartelization had exploited consumers and hindered the effectiveness of the government’s initiatives. In this situation, he said, the CCP has a dual responsibility of not only taking action against cartels, but also protecting consumer rights.
Voicing concern over court-issued stay orders against “bold” decisions of the CCP, he hoped that Law Minister Azam Nazeer Tarar and Finance Minister Muhammad Aurangzeb would help the Commission achieve further success. He also praised the chairman of the CCP for effectively steering the commission in the right direction.
Reflecting on past economic challenges, Dar recalled that Pakistan was seen as macroeconomically unstable in 2013, with investors contemplating moving their capital abroad. However, he maintained, such challenges can be effectively managed with the right strategy.
Emphasizing that Pakistan is rich in natural resources and needs to explore its hidden wealth, he said the country was on track to join the ranks of developed nations. He asserted that if all regulatory bodies work together, the country can join the G20 by 2030. He noted that the country was the world’s 24th largest economy in 2018.
Dar noted that March 4 marked the completion of the first year of Prime Minister Shehbaz Sharif’s government and lamented that certain elements sought to push Pakistan towards economic default owing to its nuclear power status. Stressing the importance of collective efforts, he said that if everyone worked as diligently as the prime minister, Pakistan would soon achieve economic development and stability.
Apart from the deputy prime minister, Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, Minister Ali Pervaiz Malik, Law Secretary Raja Naeem, CCP Chairman Kabir Ahmed Sidhu, Securities and Exchange Commission of Pakistan (SECP) Chairman Akif Saeed, and other senior officials attended the gathering.