Pakistan can become part of G20 by 2030, says Dar

ISLAMABAD: Deputy Prime Minister Ishaq Dar on Tuesday expressed his concern that the Competition Commission of Pakistan was taking decisions against certain sectors but the courts had issued stay orders preventing such cases to reach their logical conclusion.

He, however, expressed satisfaction over the pace of economic development, stating the country will soon stand among developed nations and likely to become a part of G20 by 2030. He emphasised that all regulatory bodies should continue to work collaboratively and effectively to further accelerate the country’s growth.

Senator Dar made these remarks while addressing the foundation stone-laying ceremony of the new headquarters of Competition Commission of Pakistan (CCP) in the Mauve Area, G-10, Islamabad.

The ceremony was attended by Federal Minister for Law and Justice Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, State Minister for Finance Ali Pervaiz Malik, Federal Secretary for Law and Justice Raja Naeem, Chairman CCP Dr Kabir Ahmed Sidhu, Chairman Securities and Exchange Commission of Pakistan (SECP) Akif Saeed and other senior officials. The deputy prime minister noted that while the CCP takes bold decisions, courts have issued stay orders preventing such cases from reaching their logical conclusion. He, however, expressed the hope that under the leadership of Law Minister Nazeer Tarar and Finance Minister Aurangzeb, the CCP would achieve further success.

He emphasised that Pakistan happens to be rich in natural resources and needed to explore its hidden wealth. “As a nuclear and missile power, the country is on the path to joining the ranks of developed nations,” he said, adding Pakistan could become a part of the G20 by 2030 if all regulatory bodies work together.

Senator Dar noted that March 4 marked the completion of one year of Prime Minister Shehbaz Sharif-led 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.

Dar claimed that certain elements were attempting to push Pakistan towards economic default, as they find its nuclear power status intolerable. Stressing the importance of collective efforts, he said: “If everyone works as diligently as PM Sharif, Pakistan would soon achieve economic development and stability”.

Speaking on the occasion, Finance Minister Aurangzeb said macroeconomic stability had been achieved in the country, and structural reforms were ongoing. He emphasized that while it was important for the CCP to have its own building, it was equally crucial for the commission to continue its efforts with the same dedication. State Minister Pervaiz Malik highlighted the significant role of CCP as a regulatory body, noting that it plays a vital part in improving markets and the economy by promoting fair competition.

Chairman CCP Dr Kabir Ahmed Sidhu said the commission had restructured its legal department to effectively pursue cases in courts. According to him, it has established a Market Intelligence Unit, a new department dedicated to identifying cartelisation and anti-competitive practices in the market. Since inception, CCP has investigated cartels, prevented abuse of dominance and curbed deceptive marketing and unfair trade. In 2024, CCP imposed Rs275 million in penalties for cartelisation, collusion, and deceptive marketing, recovered Rs100 million, resolved 73 court cases and issued 32 show-cause notices across fertilizer, real estate, education, public procurement, and pharmaceutical sectors.