By Uzma Zafar
ISLAMABAD: President Dr Arif Alvi on Friday invited foreign investors to benefit from the business-friendly environment of Pakistan. In a meeting with a delegation of businessmen from the United Kingdom, he said Pakistan was an attractive destination for foreign investors in terms of the incentives offered by the government. President Alvi said Pakistan and the UK enjoyed good economic and trade ties and called upon the businessmen of the two countries to explore the potential in diverse fields. He mentioned that the government had established Special Economic and Technology Zones Authority to encourage foreign investors.
Meanwhile, a four-member delegation of British investors here on Friday called on Chairman Senate Muhammad Sadiq Sanjrani here at Parliament House on Friday and discussed ways for enriching bilateral cooperation in the field of investment.
The delegation included Albert Barry lesse (MD Cribgogh ltd), Thomas Albert Lesse (MD Trulux Group), Jeremy Derek Moxey ( Trulux Group), Andrew John Edwards ( Trulux Group), said a news release. Apprising the delegation of Pakistan’s friendly investment policies, the Chairman underlined that the environment for investors in Pakistan was conducive which the British should also take benefit from. “Business and economic ties between the two countries would help bring people closer together. In order to stabilise the economy, we should try to build the confidence of the investors”, he stresses. The Chairman also highlighted the importance of Gwadar and how the Gwadar Port; Pakistan’s biggest infrastructure project could become a game-changer for the entire region, adding that the multi-billion project was emerging as a new economic hub and the British investors should also need to seize the opportunity by investing in Gwadar. He said, “Gwadar will play a key role in the development and prosperity of the region.” Pakistan had historical ties with the United Kingdom.
Such business and investment-related visits would help accelerate the economic activities, Sanjrani said. On the occasion, Sadiq Sanjrani emphasized that scores of Pakistanis living in the UK were playing the role of a bridge between the two countries.
Senators Shibli Faraz and Saifullah Khan Niazi were also present during the meeting.
Earlier, President Dr Arif Alvi said ease of doing business and use of innovative strategies by incorporating digital technology was essential to ensuring sustainable business activities in the country.
Addressing at the launch of Asaan Karobar Programme organized by the Ministry of Commerce and Board of Investment, the president emphasized a regulatory yet conducive environment that facilitated the businessmen to easily launch and operate their activities.
President Alvi said a country’s prime interest was to promote business activities and stressed the importance of taking onboard the stakeholders for a successful policy formulation.
He mentioned that the government’s effective strategy of holding consultations with the relevant traders and businessmen helped revive the textile industry.
He lauded the online portal launched by the Ministry of Commerce aimed at identifying regulatory obstacles and problems through active involvement of private sector and business associations.
He congratulated the State Bank of Pakistan, Securities and Exchange Commission of Pakistan and Federal Board of Revenue for their coordinated efforts in ensuring a business-friendly environment in the country.
Dr Alvi also pointed out a few hiccups in the smooth flow of processes and the reasons for bureaucratic red-tapism , however stressed the need for changing mindsets and improving attitude towards work or businesses for better efficiency and deliverance.
In this regard, he said, minimizing the human factor, increasing dependence on technology and adhering to timelines could prove helpful.
President Alvi also urged offering women in the country the opportunities of ease of business through digital setups, adding that an across the board inclusion of population could lead to vibrant and emergent middle class.
Abdul Razak Dawood, Adviser to Prime Minister on Commerce highlighted the reforms that had been implemented by Board of Investment (BOI) to reduce compliance burden on businesses and to promote ease of doing business specifically in small and medium enterprises.
He said the government had taken effective steps to facilitate the businessmen and traders that helped ensure economic growth in the country.
Minister of State & Chairman BOI Muhammad Azfar Ahsan termed the Asaan Karobar Programme as a historic and nationwide reform drive to improve ease of doing business in Pakistan.
Chairman BOI added that it is a harmonized system of regulations aimed at achieving a conducive business environment that is recognized and acknowledged globally.
He said more than 100 reforms had been implemented which had significantly contributed to transform the investment climate of Pakistan.
He said the reforms had been introduced in three rounds. Around 167 reforms have been taken up with federal and provincial departments with a total of 115 reforms implemented involving 75 departments and have benefitted more than 30 sectors.
Chairman BOI added that the key sectors benefiting from these reforms include food processing, health sector, solar energy businesses, surgical sector, construction and tourism etc.
