‘Invest, but not for profit’

This is apropos a Business Recorder op-ed titled “Invest, but not for profit” carried by the newspaper yesterday. The writer, Ali Khizar, deserves a lot accolades for presenting a highly informed perspective that is largely free from complex details, enabling a common reader to fully understand the argument that he has made.

The writer has argued, among other things, that “The state’s current carrot-and-stick approach to the private sector is fundamentally flawed. Policymakers often label businesspeople as thieves and crooks while publicly shaming them.

However, corrupt practices within government institutions, including the FBR, go unchecked. Smuggling at the borders and malpractice among officials receive little attention, while the private sector bears the brunt of selective justice. Arresting CFOs over minor procedural violations only exacerbates the issues of brain drain and capital flight.’’

I would like to state that foreign investors in Pakistan, unlike many other developing countries, are largely immune from harassment, intimidation, coercion and duress.

The problem lies in official routines or procedures marked by excessive complexity which results in delay or inaction. That pompous officials (often lowly clerks) in love with red tape who delight in obstructing the expedition of what should be simple procedures is a fact. In my view, the issues facing the country’s economy can be effectively addressed.

The question is: how it is possible? The answer is: there’s the need for political will and a clear, not myopic, vision. Insofar as the role of private sector is concerned, it is a fact that private enterprises, which are widely known as the chief agents in creating employment, providing funds, building competitiveness and driving innovation, play a meaningful role in entire spectrum of economy.

In Pakistan, however, the private sector is not investing in a big way, so to speak. Frankly speaking, private sector too has played a role in the overall economic slide of the country.

Tabish Jogezai (Quetta)

Copyright Business Recorder, 2024