Recognising the crucial role of investments in driving economic growth, government has approved a new forward looking investment policy aimed at creating an enabling environment for both domestic and foreign investors by adopting best international practices, improving ease of doing business and fostering a climate conducive to sustainable economic development. The policy developed in consultation with the World Bank, International Finance Corporation and provincial and federal institutions is anticipated to attract $20-25b in investment over the next few years.
The development comes days after Minister of State for Petroleum Dr Musadik Malik while talking to a private television channel said that Saudi Arabia and the UAE are taking a keen interest in Pakistan’s information technology, agriculture and mining sectors. This policy was necessitated by various factors and economic imperatives and we appreciate the government for showing seriousness and taking necessary steps to address chronic economic issues in a prudent manner. Economic revival plan revealed by the government recently has all the ingredients to put the country in right direction provided it is pursued vigorously and with consistency. The investment policy which is part of revival plan will surely uplift our productive sectors such as industries, agriculture and Information Technology and this in turn will not only enhance our exports but also create immense job opportunities for youth.
The benefits will also include increase in per capita income, thus helping people better cope with inflationary pressures. However, to achieve this goal, authorities concerned need to actively engage with potential investors, providing them with comprehensive information, addressing their concerns and offering personalised support throughout investment process. While investment from some friendly countries is anticipated, which is welcoming yet at the same time we should keep our lens wider and broader. We believe that investment from friendly countries will also encourage and give confidence to others to come to Pakistan with their investments, and on our part we should ensure across the board facilitation. To ensure effective implementation of investment policy, continuous monitoring and evaluation mechanisms should be established. This will also help build trust amongst investors and demonstrate government’s commitment in achieving policy objectives. Finally, we also need to move towards greater political stability to reap true fruits of the investment policy.
