The Rawalpindi Chamber of Commerce and Industry (RCCI) marked Pakistan’s 78th Independence Day with a flag hoisting ceremony and “Marka e Haq” celebrations. Federal Minister for Finance, Muhammad Aurangzeb, attended as the chief guest. The event also featured the cutting of an Independence Day cake.
Upon arrival, the Finance Minister was warmly received by RCCI President Usman Shaukat, Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, former presidents, executive committee members, representatives from trade associations, and a large number of chamber members. Additional Director General ML&C Rana Manzoor Ahmad, Advisor to Finance Minister Khurram Shahzad, Chairman of Tehreek-e-Naujawanan Pakistan Abdullah Gul, and other dignitaries were also present. A documentary highlighting the Chamber’s ongoing initiatives was screened.
In his address, RCCI President Usman Shaukat thanked the Finance Minister for his presence and lauded Pakistan’s journey of resilience, sacrifice, and hope over the past 78 years. He saluted the armed forces for their recent victory in Marka-e-Haq. Highlighting recent improvements in economic indicators, he urged the government to further lower interest rates to single digits, reduce electricity and gas tariffs, and cut tax rates to stimulate business activity and job creation.
Finance Minister Muhammad Aurangzeb welcomed the Chamber’s suggestions, affirming that the government, under Prime Minister Shehbaz Sharif’s leadership, is prioritizing a business-friendly environment. Addressing the business community, he noted that consumer confidence is at its peak, economic growth is at record levels, and privatization of state-owned enterprises will accelerate this year. He reported record-high foreign exchange reserves, an improved domestic business climate, and called for unity to move the country forward.
The Minister extended advance Independence Day greetings, emphasizing that faith, national unity, security, and economic stability are inseparable. Over the past 18 months, he said, significant steps have been taken to boost revenue, stabilize the rupee, and reduce the policy rate. Agricultural loans have surpassed PKR 2.5 trillion, debt servicing reached PKR 1 trillion last year, and debt has increased by 41%.
He highlighted strong stock market performance driven by new investors, ongoing rightsizing in 45 ministries, pension reforms, and initiatives to lower electricity prices. The Prime Minister is personally overseeing FBR transformation meetings, ensuring no extra tax burden on salaried individuals, while working to close loopholes and broaden the tax base.
Aurangzeb also shared that international financial institutions have acknowledged Pakistan’s reforms. A tariff agreement with the U.S. has been reached, discussions with the IMF are underway, and after 2.5 years, USD 1 billion in Middle Eastern investment has been secured.
Concluding, the Finance Minister expressed optimism for the future, stating that the economy has stabilized, interest rates have been significantly reduced, and there is room for further cuts, with another reduction expected soon.
