Message from Advisor to Prime Minister on Finance, Revenue, Economic Affairs and Statistics

I am pleased to know that the Mutual Funds Association of Pakistan is organising second "Excellence Award" ceremony. The tradition will encourage healthy competition among fund managers and induce them to excel each other in earning higher returns as well as setting good corporate standards. The Government is keen to see growth in every walk of life; therefore it recognises the significance which voluntary savings and investment schemes can play in bringing about desires economic and social change.
The Government has taken numerous steps to stimulate development in the economy. Decisions and actions of the government speak for themselves of the confidence it has reposed in the capabilities of its people. With every passing day, it is shifting from its traditional role of service-provider to that of a facilitator and regulator. Market and people friendly fiscal and monetary policies have been framed and pursued. Interest and tax regimes aim at stimulating development through increased level of investment.
The mutual funds are accepted vehicles of savings and investment world-wide. Over the past few years notable progress has been made in this field but still a lot needs to be done. The clientele of the industry is still concentrated in institutions and big cities.
The industry needs to reach out the common man. Measured by standards, like ratio to market capitalisation, ratio to bank deposits, membership in relation to population size, a vast potential remains yet to be tapped. The opportunities in this field are enormous waiting only for professional, dedicated and innovative approach for their full exploitation. Investors expect innovative products and professional management of their assets. Rules on pension funds have already been notified.
The securities and exchange commission of Pakistan has initiated spade works on establishing real state funds. As the mutual funds industry grows we shall be able to achieve higher standards of corporate governance, stabilisation in the capital market, channelling of savings to productive sectors, equitable distribution of income and numerous other benefits. I hope that the industry will make progress worth emulation and pride in the coming years.
I congratulate those who have earned the award and hope that in future even better results will be achieved by the industry participants.