PM vows steps to spur industrial growth in upcoming budget
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• Assures business community of govt’s commitment to create more favourable environment for investment
• Directs FBR to dispose of all pending tax refund cases by June 15
• Orders swift conversion of Pakistan-China B2B MoUs into agreements
• PRAL headquarters to be shifted to Karachi to increase exports
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday assured businessmen and industrialists that measures were being taken to make the forthcoming federal budget conducive to industrial growth and production.
The premier made these remarks while meeting presidents of the country’s chambers of commerce and industry to seek their suggestions for the federal budget 2026-27, scheduled to be announced on June 5.
During the meeting, the prime minister directed the Federal Board of Revenue (FBR) to dispose of all pending tax refund cases by June 15.
In order to enhance exports and facilitate the business community, PM Shehbaz directed that the headquarters of the Pakistan Revenue Automation Limited (PRAL) be shifted to Karachi and also ordered the setting up of an immigration and passport office in Gujrat.
He urged Pakistani investors to promote the production of electric vehicles in the country through joint ventures.
The premier said consistent efforts and hard work had helped bring stability to the economy and added that the government would continue pursuing policies to achieve faster economic growth and strengthen important sectors.
Additional steps, he added, would be taken under the upcoming budget to promote industrial development, increase production and support the business community.
The PM assured the government’s commitment to creating a more favourable environment for investment and economic expansion.
The delegation assured PM Shehbaz that the entire business community and industrialists were standing by the government and supported its economic policies.
It presented recommendations regarding the upcoming federal budget and measures aimed at supporting the country’s overall economic growth.
Conversion of MoUs
Earlier, PM Shehbaz directed the relevant authorities to ensure that the memorandums of understanding (MoUs) signed at the Pakistan-China Business-to-Business (B2B) conference held in Hangzhou during his recent visit to China were swiftly transformed into formal agreements and joint ventures.
Presiding over a review meeting to assess progress on the agreements and MoUs inked at the B2B conference, the premier said the extraordinary increase in business engagements between the private sectors of Pakistan and China heralded a new era in economic partnership between the two countries.
He emphasised that enhanced industrial, agricultural and technological cooperation with China would boost Pakistan’s exports and create new employment opportunities.
The meeting was attended by ministers Rana Tanvir Hussain, Ahsan Iqbal, Ahad Khan Cheema and Shaza Fatima Khawaja, along with other senior government officials.
The prime minister also decided to personally chair monthly review meetings to monitor progress on the outcomes of the B2B conference.
He further instructed that cooperation between the China Academy of Agricultural Sciences and the Pakistan Agricultural Research Council must be effectively implemented.
He observed that agricultural research, modern technology and Pakistan-China joint ventures could bring about a revolutionary transformation in the country’s agriculture sector.
During the briefing, participants were informed that 123 Pakistani companies and 436 Chinese companies attended the Pakistan-China B2B conference held in Hangzhou on May 24, during which 207 MoUs worth approximately $7.54 billion were signed.
Those MoUs were signed in several key sectors, including battery energy storage systems, artificial intelligence, mobile phones and handheld devices.
Significant agreements were also reached in the areas of fertilisers, seeds, modern irrigation equipment, fisheries and food processing, participants were told.
Additionally, MoUs were signed to promote joint investment in advanced industrial sectors, including biotechnology and vaccine manufacturing.
Published in Dawn, June 2nd, 2026
