PBC closes Dialogue on the Economy 2025 with renewed call for tax reform and coordinated action

The Pakistan Business Council (PBC) concluded the second and final day of its Dialogue on the Economy 2025 on Thursday, bringing together ministers, regulators and business leaders for discussions on investment, energy reform, mining, privatisation and tax administration.

In her closing remarks, PBC Chairperson Dr Zeelaf Munir said Pakistan’s economic direction depends on resilience, documentation and sustained reform. She emphasised that tax reform is essential for long-term growth and stressed the need for coordinated action across institutions.

The day opened with a session on foreign investment, followed by discussions on power-sector reform and a presentation on the role of banking in economic development. 

Much of the attention centred on the mining panel, where representatives from the government and industry discussed the Reko Diq project and broader sector challenges.

Reko Diq Mining Company’s country head, Zarrar Jamali, said project financing of between $5.6 billion and $6 billion was secure, backed by lenders from the US and Sweden among other countries. Addressing questions from participants, he noted that over three-quarters of the workforce is drawn from Balochistan, including a majority from Chaghi, and highlighted ongoing investments in local health and education initiatives.

Petroleum Minister Ali Pervaiz Malik outlined a multi-pronged mining strategy, noting that any smelting operation requires a dependable supply chain. He said Pakistan’s ongoing programme with the IMF has helped unlock opportunities for future transactions.

Col Dr Hamid Ashraf of the Geological Survey of Pakistan added that local testing capacity has improved, with GSP now accredited and performing work previously done abroad.

Later sessions touched on privatisation and investor confidence, where speakers noted the need for governance reforms alongside any future divestments.

The programme concluded with a briefing by FBR officials on the transformation of tax administration, including changes in revenue operations and digital systems.

PBC noted that as it marks 20 years of its establishment, it remains committed to working with government and the private sector to support investment, reform and economic stability.