KARACHI: Leading businessman and philanthropist Hussain Dawood, Chairman Engro Corporation, has stressed the crucial role of truthfulness in the economic development and building a positive image of Pakistan.
Reflecting on investor confidence in his speech at the PSX Top 25 Companies Awards, Chairman Engro Hussain Dawood said: “A country’s potential for success and development is directly proportional to its ability to speak the truth. Do we speak the truth? Domestic and foreign investors will invest if they believe we speak the truth.”
Hussain Dawood appreciated the government for recognizing the pivotal role of private sector towards the economy of Pakistan.
He said that the corporate sector is fully aligned with the direction being set by the government to create a conducive business environment and restore investor confidence.
Hussain Dawood also thanked the Pakistan Stock Exchange for playing an instrumental role in encouraging the corporate sector to excel.
In his speech at the event, Anwaar ul Haq Kakar said he personally felt proud of inspiring individuals like Hussain Dawood, who is an emblem of resilience, humility, and accomplishments.
He acknowledged the contributions of Hussain Dawood towards philanthropy, business landscape and the country.
Engro Corporation and its subsidiaries Engro Fertilizers, Engro Polymer & Chemicals and Engro Powergen Qadirpur, were presented the prestigious Pakistan Stock Exchange Top 25 Companies awards.
According to the latest data released by the State Bank of Pakistan (SBP), Pakistan has received $524.7 million in foreign direct investment (FDI) during the first four months (July-October) of the current fiscal year 2023-24, showing an increase of 7% compared to the same period of the previous year.
However, economic experts believe that this is significantly below the country’s true potential, which is hindered by political instability, inadequate infrastructure, complex taxation system, lack of a skilled workforce, and ineffective contract-enforcement mechanisms.
Copyright Business Recorder, 2023