Conducive Environment For Investors To Stimulate Sustainable Growth


Conducive environment for investors to stimulate sustainable growth

ISLAMABAD, (UrduPoint / Pakistan Point News - 12th May, 2024) With a foundation of sound economic governance, the government is actively driving foreign direct investment to propel the country into a new era of economic prosperity through a range of initiatives designed to foster a conducive environment for investors to stimulate sustainable growth.

The government had underlined many potential sectors that could drive huge investments into the country with introduction of welcoming investment policies and facilitation processes. The important sectors the government is focusing on to boost foreign investments include mines and minerals, tourism, and agriculture, which offer attractive prospects for foreign investors.

In a recent significant development, the Pakistan-Saudi Arabia Investment Forum has brought together 30 Saudi companies and Pakistani stakeholders to explore investment and business cooperation opportunities. Led by Assistant Minister for Investment Ibrahim Al Mubarak, the Saudi delegation expressed keen interest in various sectors in Pakistan, paving the way for potential collaborations and investments.

Apart from this, the high-level engagement, investors from United States, European Union and Chinese investors also held discussion with the finance team of the government on investment opportunities in Pakistan in addition to having discussions with country’s business community.

The government initiatives including elimination of red tape and giving priority to the private sector to promote foreign investment was repeatedly reiterated by ministers including the federal minister of finance and the minister of commerce and energy. Giving priority to the private sector and adopting role of a facilitator role, the government will certainly pave the way for foreign investment.

Talking to APP on the sidelines of ‘Pakistan Saudi Arab Investment Forum’, 2024, Federal Minister of Petroleum Musadik Malik said that after holding this forum, there will be more sessions, expressing the hope that Saudi Arabia would invest up to $10 billion in Pakistan, of which $5 billion are expected to come in the private sector and $5 billion in the public sector.

The Minister said that the private sector is currently the priority of the current government which can help the country navigate through current economic challenges. He said that Saudi Arabia and Pakistan are partners in each other's development and the investors and businessmen of Saudi Arabia had a very important role in the economy of Pakistan.

To attract foreign investment, economic governance and economic reforms are very important in which ease of doing business and simplification of business procedure and company registration process and tax reforms are very important.

Likewise the economic indicators are stable as highlighted by Federal Minister of Finance Muhammad Aurangzeb while addressing the Pakistan Saudi Arabia Investment Forum. He also highlighted the importance of foreign investment for macroeconomic stability, saying the visit of Saudi investors to Pakistan is a link in this chain.

The minister said that short medium and long-term strategies are being worked on for macroeconomic stability to bring foreign direct investment in the country. “At present all the economic indicators are going positive in the country's economy, which is the proof of the progress of the country's economy,” he added.

Finance Minister said that agriculture is growing by five percent and major crops including wheat and rice have had bumper crops this year and the current account surplus is going on in macroeconomic indicators positive.

Aurangzeb said that in the last two weeks, three high-level delegations have exchanged views between Saudi Arabia and Pakistan. The Minister said that export-led growth, Foreign Direct Investment (FDI) and excess to capital are priorities of the government.

Saudi Arabia has a very important role in the development of Pakistan and Saudi Investment ties can breathe a new life into the economy of Pakistan. Recently, a delegation of Saudi Arabian investors participated in the Pakistan Saudi Arabia Investment Forum, and about 30 Saudi invested companies. They participated in the forum and held talks with the private sector of Pakistan on business and investment.

On this occasion, Saudi Assistant Minister Ibrahim Al Mubarak said that Pakistan and Saudi Arabia help each other in development and currently, two million Pakistanis are working in Saudi Arabia, including doctors, engineers and professors. He said that currently Pakistan is working very hard on Saudi Arabia's Vision 2030. The Minister said that Saudi companies are always ready to invest in Pakistan and Pakistan has resources and potential and Saudi investors will help in the development of Pakistan.

APP/sha/taj (APP Feature Service)