Veteran businessman Arif Habib has made a compelling case for prioritizing capital market development as a cornerstone of Pakistan's economic strategy, speaking at the SECP Talk Series in Islamabad on Thursday. Main Developments Habib, serving as chief guest at the event, argued that a sophisticated capital market is indispensable for achieving sustainable economic growth. He pointed to the Pakistan Stock Exchange's track record: an average annual return of roughly 22 percent over the past 22 years, and a 14 percent dollar-denominated return over the last five years. SECP Chairman Dr Kabir Ahmed Sidhu outlined ongoing reforms during the session, including digital investor onboarding, the implementation of a T+1 settlement cycle, and a target to expand the investor base to 2.5 million through enhanced financial inclusion and easier market access. Read also: Pakistan's Forex Reserves Drop $1.2 Billion on Debt Payments Background Drawing on more than five decades of experience, Habib traced the evolution of Pakistan's capital markets from open-outcry trading floors to today's technology-driven systems. He stressed that while markets transform, the core principles of successful investing—discipline, patience, and long-term thinking—remain constant. The event brought together SECP commissioners, market institutions, academia, and business leaders to discuss market evolution, long-term investing strategies, and the reforms needed to deepen investor participation. Why It Matters Habib emphasized that market volatility is temporary, and that sustained investment in fundamentally strong companies builds lasting wealth. His remarks come at a time when Pakistan faces significant economic challenges, and deepening capital markets could provide an alternative source of financing for businesses and the government alike. What's Next SECP's reform agenda, including the T+1 settlement system and digital onboarding, is expected to make market participation simpler and more transparent. The regulator aims to align Pakistan's capital market ecosystem with global standards, potentially attracting more retail and foreign investors.