Prime Minister Shehbaz Sharif announced a reduction of Rs 4.4 per unit in industrial electricity prices and presented awards to prominent exporters for their exceptional contribution to Pakistan’s economy during a grand ceremony attended by top government officials.

At a high-profile ceremony, the Prime Minister recognized the hard work of Pakistan’s business community, especially exporters, who significantly increased the country’s exports in 2025.

Awards were presented to major companies including Lucky Textile, Nova Textile, Sapphire Textile, Aasif Rice Mills, Lucky Cement, Getz Pharmaceutical, and Service Footwear among others.

Deputy Prime Minister Ishaq Dar, Federal Minister for Commerce Jam Kamal, and other federal ministers were present to honor the achievements of these key contributors to the national economy.

A documentary showcasing the government’s economic performance was also screened at the event.

Steps taken to stabilise economy

PM Shehbaz Sharif reflected on the country’s challenging economic situation upon assuming office.

He stated that Pakistan had been on the verge of default and that tough negotiations with the IMF and support from friendly countries like China, Saudi Arabia, Qatar, and the UAE helped stabilize the economy.

“The inflation rate has gradually decreased, and the policy rate has come down from 22 percent to 10.5 percent. Our foreign exchange reserves have doubled thanks to sound fiscal policies and strategic borrowing,” the Prime Minister noted.

He praised the resilience of exporters and investors, emphasizing their sacrifices during periods of high inflation and economic uncertainty.

Focus on export-oriented growth

Highlighting the government’s commitment to promoting an export-driven economy, Federal Minister Jam Kamal stated that confidence among business leaders has returned, with practical measures being taken to support trade and investment.

“Business should be driven by the private sector, while the government facilitates growth and development. Export-based growth is the key to putting Pakistan on a path of long-term prosperity,” he said.

Privatisation

The prime minister outlined steps taken to improve transparency and reduce government losses. He mentioned the privatization of PIA and closure of corrupt institutions like PWD, utility stores, and PASSCO. He emphasized that these reforms, along with targeted tax collection—such as the Rs 50 billion collected from the sugar sector—have strengthened fiscal stability.

Awards to recognise excellence

Prominent exporters received awards for their outstanding services to the national economy. The Prime Minister announced two-year blue passports for leading exporters as a token of appreciation. Companies such as Lucky Textile, Sufi Industries, Nova Textile, US Apparel Textile, Asif Rice Mills, Al-Karam Textile, Sapphire Textile, Gharib Sons S Mills, and Diamond Fabrics were among the awardees.

The Prime Minister highlighted that Pakistan’s economy is now on a strong footing, with single-digit inflation and stable policy rates. He called on the business community and the nation to continue working together to maintain economic stability and promote sustainable growth.

He also underscored the importance of reducing dependency on borrowing while emphasizing that the government’s economic strategy prioritizes both fiscal discipline and the facilitation of private sector-led growth.