Prime Minister Shehbaz Sharif on Saturday inaugurated Pakistan’s National Regulatory Reforms, saying the long-awaited changes aim to ease business, attract investment, and steer the country toward sustainable economic growth after a severe financial crisis.

Speaking at the inauguration ceremony in Lahore, Prime Minister Shehbaz Sharif said regulatory reforms had been a longstanding demand of the public and business community. He noted that investors and industrialists had long struggled with complex laws, excessive regulations, and lengthy procedures.

The prime minister recalled that when his government assumed office, Pakistan’s economy was in a critical condition. He said the country was close to financial bankruptcy, inflation was soaring, interest rates had paralysed economic activity, and businesses were largely stagnant.

Shehbaz Sharif said the government confronted these challenges with a clear strategy and determination. He expressed satisfaction that Pakistan had emerged from the crisis, pointing to improved economic indicators and the IMF’s approval of a $1.2 billion tranche.

Focus on investment and youth

The prime minister stressed that attracting foreign investment was essential for sustainable economic development. He said regulatory reforms would help create a predictable and business-friendly environment for both local and international investors.

Calling youth the country’s most valuable asset, Shehbaz Sharif said the government was prioritising technical and vocational training. He said equipping young people with skills was key to long-term economic growth.

UK minister praises Pakistan’s reform drive

The British Minister for International Development Jennifer Chapman described Pakistan as a country rich in untapped potential. She said Pakistan’s strategic location at the crossroads of global trade routes and its natural resources made it an attractive destination for investment.

The minister said it was an honour to attend the launch of regulatory reforms, noting that Pakistan was moving away from outdated systems toward development and opportunity. She added that more than 200 British companies were already benefiting from the government’s reform agenda.

Special Assistant to the Prime Minister Haroon Akhtar said the reforms marked the beginning of a new chapter rather than just a policy shift. He said the government was introducing changes across multiple sectors to encourage innovation and growth.

He explained that a developmental state provides citizens with opportunities to compete and build, instead of trapping them in red tape. He described such a state as bold, facilitative, and future-oriented.

Haroon Akhtar said tariff reforms, regulatory innovation, and industrial revival had been aligned under a clear vision. He added that a cabinet committee on regulatory reforms was working toward three major goals: making regulations simple, enforceable, predictable, digital, and effective.