Three ‘key’ sectors: Govt optimistic about investment prospects

ISLAMABAD: Finance Minister Ishaq Dar has stated that some friendly countries are interested to invest in Pakistan’s agriculture, minerals and mines as well as the IT sector.

Addressing a mineral summit on Tuesday, the finance minister said that Pakistan’s goal is to attract investors in these areas, and Pakistan is up for any mode they like to invest in as it would be the investors’ choice whether they want to come under a sub-fund of the sovereign fund or corporate sector special vehicle.

He said that the country is moving in the right direction and enabling the investors through some very serious actions. He said that the government has recently got passed a law from the National Assembly and placed it in the Senate for approval to set up a Sovereign Wealth Fund.

Pakistan mining summit: govt says interests of investors to be protected

The minister said that Pakistan has set up this fund under an Act of Parliament and there are sub-funds under this fund such as agriculture fund, mineral and mines fund, and IT fund. He said that Pakistan has already got a core body, SIFC, which is going to be another great help to the investors by providing one-window service. Additionally, he said that there are some improvements in some provinces, as well.

The minister said that Pakistan is asset solvent and one gas system alone is worth $40 to $50 billion. He said that as opposed to the country’s debt, Pakistan is asset solvent and it would not default.

He said that when one talks of economy, debt, and numbers, he must be very careful because a little loose talk can cost the country a lot in terms of perception, etc. He said future drivers of growth would be agriculture, mineral and mines, and IT, no matter who comes to power.

He said that projection of the economic team is that in two years, core inflation which is more relevant to dearness, will dip to seven percent. He said obviously, this will drive the policy rate down.

The minister said that he is also an advocate of the Charter of Economy, which was offered to the opposition but unfortunately, it could not materialise but it is never too late. We should still aim at it and if got re-elected, which the party hopes it will, then obviously the party can try all these things, he added.

He said that vulnerability and turbulence are over and the country is now in the stability phase and things are turning towards growth.

Dar said that Pakistan has potential, resources, and opportunities to be offered to investors in these three major areas.

Copyright Business Recorder, 2023