Saquib Fayyaz Magoon says Pakistan shows economic improvement but needs long-term reforms to sustain growth and boost exports.
KARACHI: Senior Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Saquib Fayyaz Magoon, has described the Economic Survey 2025–26 figures as generally encouraging, while stressing the need for sustained policy measures to accelerate economic growth.
He noted that Pakistan’s economy recorded a 3.7 percent GDP growth rate, calling it a positive development. However, he emphasized that the government must adopt long-term strategies to further strengthen economic performance.
Magoon said Pakistan’s economy has reached a size of $452 billion, which reflects progress. He added that despite being an agrarian country, the agriculture sector has underperformed and requires greater policy attention to unlock its potential.
He urged the government to prioritize the export sector and introduce targeted reforms to boost foreign sales. He also noted that recent geopolitical tensions, including Iran–US developments, have created additional economic uncertainty.
Highlighting external support, he praised overseas Pakistanis for sending over $38 billion in remittances during the first eleven months of the fiscal year, calling it a major contribution to economic stability.
The FPCCI leader also welcomed a nearly 6 percent growth in Large-Scale Manufacturing (LSM), terming it an encouraging sign that could be improved further through consistent industrial policies.
He stressed the need to reduce electricity, gas, and utility tariffs to enhance industrial competitiveness in global markets. Magoon also highlighted the increase in foreign exchange reserves to $18 billion, describing it as a positive development for external sector stability.
Reaffirming business community support, he said the private sector stands with the government in efforts toward economic stabilization. However, he urged policymakers to incorporate industry proposals into the upcoming budget to ensure investment-led growth, export expansion, and long-term economic development.
