PSX TOP 25 COMPANIES AWARDS : Anwaar-ul-Haq Kakar Caretaker Prime Minister of Pakistan

TEXT: I would like to extend my heartiest congratulations to the winners of the prestigious “Top 25 Companies” awards by PSX.

I also extend my profound felicitations to PSX for holding such an event to honor the Top 25 Companies. Certainly, the award connotes an uphill struggle, nevertheless, it is attainable through demonstrating exceptional performance on the selection criteria of Top 25 Companies.

It is truly a proud moment to see the winners of the Top 25 Companies Award today, the winners who once were small, nascent startups, gradually transformed into large business houses, and today, they are at the pinnacle of corporate excellence. Clearly, with genuine spirit, utmost dedication, and extreme hard work, nothing is unachievable!

These awards are being presented at a momentous juncture, as the benchmark index of PSX has scaled to an unprecedented high, surpassing the formidable 60,000 mark. The Pakistan stock market's remarkable rebound, surpassing the previous high of 52,876.46 points milestone on May 24, 2017, stands as a resounding affirmation of the country's burgeoning economic health. As the government diligently pursues economic stability and growth, the stock market is poised to remain a beacon of hope, mirroring the nation's ascendant trajectory.

I strongly encourage the PSX to invigorate the capital market by bringing in more IPOs, nurturing the Government Debt Securities segment, and introducing innovative products that will expand the investor base. It is commendable that the Securities and Exchange Commission of Pakistan has been proactively championing innovation, digitization, and business facilitation to propel the growth of Pakistan's capital markets. Seizing the momentum generated by recent initiatives like the Centralized Gateway Portal, Online-Only Brokers, and the launch of Exchange Traded Funds in new asset classes is paramount to staying ahead of the curve.

Industrialization is viewed as the most important engine of economic growth of any country. The special characteristics attributed to the manufacturing sector can be interpreted in many ways, such as rapid technological changes, economies of scale, and easy integration into global production networks. A general fact is that both investment and capitalization drive technological advancement, which can be achieved by fostering participation from the public at large.

Likewise, the technology, financial and services sectorsare also considered a driving force for the economy. These sectors have enormous potential, especially in the wake of widespread use of technology by almost every inhabitant of the country. This gives rise to the existing competition and an impetus to new entrants in these sectors.

I am confident that by converting into public listed companies all these sectors can perform beyond expectations and nurture a higher level of human capital, thus resulting in the shareholders’ value maximization.

The government truly recognizes the contribution of the corporate sector to the economic growth of Pakistan. Alhamdulillah, we have successfully achieved a number of milestones lately to substantiate the claim that the economic activity in the country has surged considerably.

I once again congratulate PSX on arranging this ceremony and the Top 25 Companies on winning such a prestigious award. I wish you all the best and urge the corporate sector to continue performing at their very best in order to achieve financial and governance excellence to lead the economic growth of the country.

Copyright Business Recorder, 2023