Message from Chairman, Securities & Exchange Commission of Pakistan (SECP)

I am pleased to know that the Institute of Cost and Management Accountants of Pakistan is organising a trade exhibition and conference, for the third time, under the umbrella of "Corporate Pakistan". Such events deserve appreciation because they contribute positively towards strengthening the economy of the country.
The SECP is working hard towards promoting the corporate culture and creating an enabling environment for improving the investment climate in Pakistan, which wit I not only increase the inflow of capital but increase the rate of economic growth in the country. The SECP has undertaken a number of initiatives to make business start-up easier for investors, such as initial work on introduction of a one-stop-shop for registration of new businesses. We have facilitated introduction of corporate governance norms in the country through revamping of the Code of Corporate Governance for listed companies, and introduction of corporate governance rules for public sector companies. The introduction of limited liability partnership (LLP) regime, currently underway, will pave the way for enhanced formalisation of business entities, specifically those in the services sector. We are also trying to work on the deficiencies we have, and are keen to bring transparency in the businesses we regulate and broadly in the corporate world.
On the macro level, the present government has also taken a number of initiatives to encourage the business sector, local as well as foreign, to come forward and expand their activities. These initiatives include a gradual reduction in corporate tax rate, signing of memorandum of understanding with friendly countries to invite investment in power, energy, infrastructure and communication sectors, etc. It is worth mentioning that Pakistan's law does not discriminate against foreign investors, in fact, Pakistan has the most liberal investment policy in South Asia.
The government's business-friendly policies are bearing fruit. It is evident from the fact that in the last financial year, the registration of companies posted a 16% growth, raising the total corporate portfolio to 64,067 companies. Let me conclude, by reiterating the fact that Pakistan's potential is much higher. Combine the excellent investment returns with the very liberal exchange control regime, clearly defined policies and procedures, favourable legal and tax environment, repatriation of profitability and ease of entry and exit matched by no other country in the region, and Pakistan is clearly the best destination for investment. In conclusion, I heartily congratulate the ICMA Pakistan on organising such an event. I wish you great success in your endeavours.