Karachi: The Special Investment Facilitation Council (SIFC) is working on simplifying the mechanism for opening the foreign currency accounts to facilitate the investors, said Jamil Qureshi, Secretary of SIFC) here on Thursday.
He said the SIFC is committed to creating a business-friendly environment that attracts high-quality investments in Pakistan by resolving the issues in its way.
He said how foreign investors would come when domestic investors would not be happy by running from pillar to post for resolution of their issues.
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Pakistan holds significant investment potential for both local and international investors,“ he affirmed while speaking at a seminar on “Pakistan’s Economic Outlook – Opportunities & Challenges,” organized by German Pakistan Chamber of Commerce and Industry (GPCCI), in collaboration with the Consulate General of the Federal Republic of Germany in Karachi.
He spoke about the government’s ongoing efforts to encourage investment in Pakistan. He emphasized SIFC’s role in simplifying the investment process and offering substantial support to foreign investors.
He said the SIFC has been created to address the lack of ease in doing business, as investors demanded a “one-stop shop.” He emphasized the government’s efforts to improve the business environment.
He highlighted recent improvements, such as the introduction of business visas, which were previously difficult to obtain for Pakistan, and the offering of USD-based accounts for IT companies to maintain within Pakistan. An implementation committee has been established to ensure that there are no obstacles for investors.
Qureshi also mentioned that the SIFC is open to every sector, replacing bureaucratic “red tape” with a “red carpet” approach. He pointed to the development of a state-of-the-art land information and management system in Punjab, with plans to expand to other provinces. Investment opportunities are being offered in sectors like corporate farming, animal farming, and mines and minerals. Over 100 projects are being prepared for investors, with the support of international firms working on these projects.
In the energy sector, various transmission line projects and green energy initiatives are available for investment. He also mentioned the government’s privatization efforts, specifically offering Pakistan International Airlines (PIA) for privatization.
In the IT sector, he reiterated the facilitation of USD accounts for companies and highlighted work on five special economic zones. Finally, he assured that the issue of profit repatriation has been resolved.
Dr. Ruediger Lotz, Consul General of Germany in Karachi, underscored the importance of the longstanding economic relationship between Germany and Pakistan. He remarked, “Germany has always been a dedicated partner in Pakistan’s economic development. This seminar created a valuable opportunity to discuss the challenges and opportunities ahead while reinforcing our bilateral cooperation.”
Aamer Naseer, Vice President of GPCCI, discussed GPCCI’s ongoing efforts to highlight Pakistan’s economic potential and growth prospects. He expressed his appreciation to the sponsors for their support in making the event possible. “GPCCI is dedicated to organizing events like this to showcase the economic opportunities available in Pakistan. We are committed to facilitating foreign investment and working towards enhancing bilateral trade to benefit both local and international stakeholders,” Naseer remarked.
Dr. Amjad Waheed, a renowned economist, highlighted the urgent need for structural reforms to tackle Pakistan’s economic challenges and attract foreign investment. “While Pakistan faces considerable hurdles, it also possesses enormous potential for economic growth. With sound policies and a favorable business environment, we can unlock this potential and improve the prosperity of our people,” he emphasized.
Taxation expert Abdul Qadir Memon stressed the importance of a stable and predictable tax regime to encourage economic growth. “The government’s efforts to enhance the tax system are commendable, but further reforms are needed. A more efficient and equitable tax structure is essential for attracting investment and driving economic activity,” Memon maintained.
Copyright Business Recorder, 2024
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