ISLAMABAD – A delegation of the American Business Council of Pakistan (ABC) met with senior government officials to discuss ways to enhance engagement, encourage foreign direct investment (FDI), and boost economic growth.
The meetings were held with Mr Syed Naveed Qamar, Minister for Commerce; Mr Tariq Mahmood Pasha, Minister of State for Revenue; Mr Tariq Bajwa, Special Assistant to the Prime Minister on Finance & Revenue; and Mr Akif Saeed, Chairman of the Securities & Exchange Commission of Pakistan (SECP).
This coalition of leading multinationals of American companies is a substantive development partner for Pakistan. They employ 75,000 people directly and millions along their supply chains, while also providing globally relevant technological advancements across sectors. The network’s capital investment in the last three years stands at PKR 57 billion, with a contribution to the National Exchequer of PKR 159 billion in 2022.
During the meetings, the delegation discussed the ease of doing business, standardization of taxation and revenue policy, and the protection of international investors and their local interests to ensure continued economic growth.
The delegation was led by Mr Jamshed Safdar President of ABC (CEO, ULS / UPS), Mr Amin Mohammad Khowaja (Member Executive Committee and CEO, J.P. Morgan), Mr S.M. Wajeeh (Member Executive Committee and Country Manager, Pfizer Pakistan), Mr Sami Wahid (Managing Director, Mondelez Pakistan), Mr Asif Ahmed (Country General Manager, IBM), Mr Adnan Shaffi (CEO, PriceOye), Mr Haseeb Aslam (Managing Director, FMC) and Ms Aisha Sarwari (Director Public Affairs & Communications, Coca-Cola).
The delegation emphasized the importance of better engagement with the government to achieve mutual goals and interests. The delegation urged to standardize revenue policy to ensure a uniform business landscape. “We are committed to working with Pakistan to enhance economic growth and promote foreign investment. We are confident that our partnership will continue to bear fruit in the future,” said Mr. Jamshed Safdar, President ABC.
The American companies also presented several sector-specific recommendations to the government leaders on how to create economic resilience in a post-flood economy through partnership. The delegation also emphasized the scale of ESG-centric activities carried out by these companies. In 2022 alone, these companies have spent PKR 1.6 billion on projects that cumulatively support 8.7 million patients and distribute 12.5 million meals to those in need, among other initiatives.
The meeting between the ABC and Pakistani government officials was a positive step towards creating a stronger partnership between the public and private sectors. The ABC seeks continued collaboration with the government to create a more vibrant and prosperous economy for all Pakistanis.