ISLAMABAD: As the country’s exports fell by 12 percent during the first 10 months of FY 2023, Federal Minister for Planning, Development and Special Initiatives, Ahsan Iqbal Wednesday claimed that the ruling government is making all-out efforts to turn the country into a globally export-led country.
Speaking at a presser, he said that Foreign Direct Investment (FDI) is significant in any economy and Pakistan is currently an attractive country for foreign investment.
He said that the meeting of the Apex Committee of the Special Council for Investment Facilitation was held under the chairmanship of Prime Minister Shehbaz Sharif and the political and military leadership participated in the apex committee.
He said the government formed this council to promote direct investment in Pakistan, adding that the volume of FDI in Pakistan is $1.5 billion now.
There are more than $2 trillion foreign direct investments in the world and every country is trying to become an attractive country for the FDI.
He said a country can develop only through FDI and every developing country has resorted to FDI and also expanded its exports.
The China-Pakistan Economic Corridor (CPEC) became a tool to bring investments of up to $28 billion to Pakistan, he informed.
“We were derailed due to the negative agenda of 2018 and now the world’s trust is being established in Pakistan again,” he added.
He said that the International Monetary Fund (IMF) agreement is having positive effects on Pakistan and now the country has a chance to take off again.
He said that foreign investors will be given all facilities under one roof in five potential sectors, which have been identified under the planning, adding agriculture is also a sector under this project, and agriculture will be promoted.
He said the government will bring investment in modern farming and technology in the agriculture sector, adding the prime minister will inaugurate the Agricultural Information Management System on July 7.
The government’s priority is to shift energy to fossil fuels in the energy sector, incentives will be given in solar energy, he said, adding the information technology (IT) sector is a potential sector, where youth can make a huge contribution to a country’s economy.
He said that the government’s main focus is to increase exports in the IT sector and hoped that there will be rapid development in the IT sector in Pakistan.
“We need to pay attention to the mineral sector to maximise our exports. Pakistan will go for a road show to invite the mining companies of the world to enhance production. The defense production has the ability to export along with its requirements,” he added.
He said the government is willing to introduce the soft visa regime and the policy will be revised to address difficulties in businessman’s visas, adding the Interior Ministry will give a report soon on the issue of visas.
“We will move relations with friendly countries towards investment instead of aid,” he added.
Copyright Business Recorder, 2023