Pakistan’s Deputy PM Ishaq Dar Predicts G20 Membership by 2030

ISLAMABAD – Deputy Prime Minister and Senior Federal Minister for Foreign Affairs Ishaq Dar has expressed satisfaction over the pace of Pakistan’s economic development, stating that the country will soon stand among developed nations and is likely to become a part of the G20 by 2030.

He emphasized that all regulatory bodies should continue to work collaboratively and effectively to further accelerate the country’s growth. Deputy Prime Minister Ishaq Dar made these remarks while addressing the foundation stone-laying ceremony for the new headquarters of the Competition Commission of Pakistan (CCP) in Islamabad.

Ishaq Dar underscored the importance of a strong Competition Commission in ensuring a level playing field for businesses and fostering investment in Pakistan. He pointed out that, unfortunately, cartels have formed in the country’s markets, exploiting consumers and hindering the effectiveness of government initiatives. Given this scenario, he stated that the Competition Commission has a dual responsibility: not only to take action against cartels but also to protect consumer rights.

Expressing concern, he noted that while the Competition Commission takes bold decisions, court-issued stay orders prevent these cases from reaching their logical conclusion. However, he expressed hope that under the leadership of Law Minister Azam Nazeer Tarar and Finance Minister Muhammad Aurangzeb, the Competition Commission would achieve further success. He also praised Chairman of the Competition Commission Dr. Kabir Ahmed Sidhu for effectively steering the commission in the right direction. Reflecting on past economic challenges, Ishaq Dar recalled that in 2013, Pakistan was considered a macroeconomically unstable country, with investors contemplating moving their capital abroad. However, he asserted that with the right strategy, such challenges can be managed effectively.

He emphasized that Pakistan is rich in natural resources and needs to explore its hidden wealth. As a nuclear and missile power, Pakistan is on the path to joining the ranks of developed nations. Ishaq Dar firmly stated that Pakistan could become part of the G20 by 2030 if all regulatory bodies work together. Ishaq Dar noted that March 4 marked the completion of one year of Prime Minister Shehbaz Sharif’s government, coinciding with the foundation stone-laying ceremony of the CCP’s new building—a significant milestone. He pointed out that in 2018, Pakistan was ranked as the world’s 24th largest economy, just four spots away from G20 membership. The Deputy Prime Minister further claimed that certain elements are attempting to push Pakistan towards economic default, as they find its nuclear power status intolerable. Stressing the importance of collective efforts, he said that if everyone worked as diligently as Prime Minister Shehbaz Sharif, Pakistan would soon achieve economic development and stability. Finance Minister Muhammad Aurangzeb stated that macroeconomic stability has been achieved in the country, and structural reforms are ongoing. He emphasized that while it is important for the Competition Commission to have its own building, it is equally crucial for the Commission to continue its efforts with the same dedication. Federal Minister Ali Pervaiz Malik highlighted the significant role of the Competition Commission as a regulatory body, noting that it plays a vital part in improving markets and the economy by promoting fair competition.

On this occasion, Federal Minister for Law, Azam Nazeer Tarar congratulated the entire team of the Competition Commission and praised Chairman CCP, Dr. Kabir Ahmed Sidhu, for his professional achievements. He expressed confidence in Dr. Sidhu’s leadership abilities as Chairman of the CCP. Speaking at the event, Chairman CCP Dr. Kabir Ahmed Sidhu stated that the Competition Commission has restructured its legal department to effectively pursue cases in courts. Additionally, it has established a Market Intelligence Unit, a new department dedicated to identifying cartelization and anti-competitive practices in the market. To raise public awareness about cartelization and its detection, the Commission has launched an awareness campaign, which has received highly encouraging feedback. Dr. Sidhu also announced the establishment of a Center of Excellence to conduct research on markets and relevant industrial sectors.

He emphasized that the new headquarters will significantly enhance the Commission’s operational capacity. Owning its own building will not only reduce rental costs but also enable the hiring of specialized experts, further strengthening CCP’s ability to ensure fair competition. He further revealed that the Competition Commission plans to expand its presence by establishing offices in other cities across Pakistan.

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Since inception, CCP has investigated cartels, prevented abuse of dominance, and curbed deceptive marketing and unfair trade. In 2024, CCP imposed Rs. 275 million in penalties for cartelization, collusion, and deceptive marketing, recovered PKR 100 million, resolved 73 court cases, and issued 32 show-cause notices across fertilizer, real estate, education, public procurement, and pharmaceuticals. It launched seven new inquiries into transportation, telecom, construction, and FMCG. The Commission also operationalized its Market Intelligence Unit (MIU), identifying over almost 200 instances of anti-competitive practices through advanced data analysis. The new headquarters will enable CCP to enhance its enforcement mechanisms, ensuring a robust and competitive economic framework for Pakistan.

This news is sourced from The Nation and is intended for informational purposes only.