On Tuesday, Deputy Prime Minister and Foreign Affairs Minister Ishaq Dar expressed optimism about Pakistan’s economic trajectory, stating that the country is poised to join the ranks of developed nations and achieve G20 membership by 2030. Dar’s remarks came during the foundation stone-laying ceremony for the new headquarters of the Competition Commission of Pakistan (CCP) in Islamabad.
The event was attended by several high-profile officials, including Federal Minister for Law and Justice Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, and Chairman of the Competition Commission Dr. Kabir Ahmed Sidhu. During his speech, Dar highlighted the role of regulatory bodies in driving the country’s economic progress and underscored the importance of their collaboration.
Dar emphasized that a strong and effective Competition Commission is crucial for maintaining a fair business environment and encouraging investment in Pakistan. He acknowledged the challenges posed by cartels that exploit consumers and hinder the success of government initiatives. He further outlined the dual responsibility of the Competition Commission to not only take action against these cartels but also to protect consumer rights.
He also expressed concern over the influence of court-issued stay orders that prevent the CCP’s decisions from reaching a conclusion. Despite this, Dar remained hopeful that under the leadership of Law Minister Azam Nazeer Tarar and Finance Minister Muhammad Aurangzeb, the CCP would continue to make progress. He also praised Dr. Kabir Ahmed Sidhu for his leadership in steering the Commission in the right direction.
Reflecting on Pakistan’s past economic struggles, Dar reminded the audience that in 2013, the country was considered economically unstable. He stated that with the right strategies, these challenges can be overcome. Pakistan, with its abundant natural resources and status as a nuclear and missile power, has the potential to become part of the G20 by 2030 if all sectors work cohesively.
Dar also highlighted that in 2018, Pakistan was the world’s 24th largest economy, just four spots shy of G20 membership, and stressed the importance of collective efforts to overcome obstacles and achieve sustained economic stability. He expressed concerns that certain elements, opposed to Pakistan’s nuclear power, were attempting to push the country toward economic default. However, he emphasized that with dedication and unity, Pakistan could overcome these challenges and achieve significant economic growth.
