Pakistan steps up business reforms to attract local and foreign investment

The government is taking steps to simplify business regulations, attract local and foreign investment, strengthen industry and promote value-added exports.

Federal Minister for Board of Investment (BOI) Qaiser Ahmed Sheikh said a Business Facilitation Centre had been established, while the government was working with foreign experts, including US experts, to streamline regulatory procedures.

He said relevant institutions were also being consulted to develop consensus and ensure effective implementation of reforms.

The minister acknowledged that Pakistan had lagged behind other countries in simplifying regulations, adding that concerted efforts were now being made to improve the business environment, according to APP.

He said incentives such as duty-free or zero-rated machinery, where applicable, were aimed at improving the competitiveness of domestic industries and encouraging export-oriented production.

Qaiser highlighted the experience of Southeast Asian economies, where domestic and foreign investment had helped drive value-added exports.

He said Pakistan’s economic zones offered opportunities for new industries, particularly for overseas Pakistanis and foreign investors.

Investment initiatives were also being pursued in coordination with the International Monetary Fund (IMF), while some projects offered tax incentives, he added.

The minister said improvements in Pakistan’s sovereign credit ratings reflected progress in economic management and business facilitation. He added that State Bank foreign exchange reserves had reached around $18 billion, covering approximately three months of imports.

On regional developments, Qaiser said the ongoing Iran-US conflict was creating economic challenges, particularly through higher oil prices and energy costs.

He said Pakistan, given its relations with both countries, could help facilitate dialogue and support diplomatic efforts to resolve the dispute.

Recalling Pakistan’s role in facilitating US-China contacts in the past, he stressed the importance of continued diplomacy for regional peace and global economic stability.

He also appreciated the military leadership’s support for diplomatic initiatives.

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