Federal Finance Minister Muhammad Aurangzeb has said that the government has decided to privatise 24 state-owned institutions, including the Pakistan International Airlines (PIA), which is set to be fully privatised before the end of this year.

Speaking at an event in Karachi on Wednesday, the finance minister highlighted the role played by the private sector in Pakistan’s economy, stating that the country’s economic trajectory is moving in the right direction.

Aurangzeb stressed that production-based economic growth is the only way forward for sustainable growth, adding that Pakistan’s macroeconomic stability has been recognised internationally.

Aurangzeb stated that international rating agencies have also acknowledged the improvements in Pakistan’s economy, noting that economies worldwide are progressing, with many countries implementing reforms in their economic structures.

The finance minister also revealed that corporate profits in Pakistan have risen by 9%.

He added that the government will continue to provide a robust ecosystem to leverage its diplomatic successes for economic gains.

Aurangzeb pointed out that Google plans to establish an export hub in Pakistan, with a focus on the Information Technology (IT) and maritime sectors to create opportunities for sustainable economic development.

“We aim to make Pakistan a centre for exports. Structural reforms are essential for sustainable economic growth. Digitalisation will enhance transparency in the economy, and we have expanded the tax net to increase national revenue. We have added 900,000 new tax filers, and Egypt has requested to learn from Pakistan’s FBR reforms,” he said.

Aurangzeb noted that the number of tax filers has increased and stressed the need to create an ecosystem for AI-driven development.

He also pointed to significant opportunities for advancing the blue economy.