As Pakistan struggles to find an economic balance, the government has been advised by industrialists to pursue industrialization to enhance the country’s exports and to rid itself of the necessity of approaching the International Monetary Fund (IMF) time and time again.
A meeting was held between the Minister for Industries and Production Rana Tanveer Hussain and a delegation of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Friday.
During the meeting, Atif Ikram Sheikh, the president of the chamber, told the minister that the industries can achieve the target of taking Pakistan’s exports to $60 billion per annum if the government facilitates them through reasonable electricity tariffs. He also emphasized that energy prices in Pakistan need to be at the same level as those in the neighborhood.
The minister told the delegation that Pakistan could only attain economic development through its exports. He added that the government was aiming to secure investments through the Special Economic Zones (SEZs) being established. He further highlighted the government’s resolve to address the problems of the industries.
Support for SCO
A day earlier, Federal Minister for Commerce Jam Kamal Khan also met Mr. Sheikh, who invited him to the Shanghai Cooperation Organization’s (SCO) Business and Investment Conference 2024, which will be held on the 11th and 12th of September this year at the Jinnah Convention Center in Islamabad.
While accepting the invitation for the conference, the commerce minister extended full support to the business community of Pakistan in their initiatives. Acknowledging FPCCI’s efforts, he said that the government will support the body on any platform.
He also highlighted the importance of the conference, emphasizing how it will be vital for regional tourism, digital transformation and collaboration within the information technology sector. Similar sentiments were echoed by Mr. Sheikh, who also pointed out how FPCCI was actively reaching out to friendly countries – an initiative praised by the minister as well.
Online registration of companies
Pakistan poses a number of opportunities for potential investors, and the digitalization of the process further makes it easier for those located abroad to register their companies in the country.
The Security and Exchange Commission of Pakistan (SECP) on Thursday highlighted this fact for Pakistan’s diplomats stationed in the European Union, in order to utilize their services to attract investment to the country.
According to the SECP, representatives stationed in Brussels, Hauge, Dublin, Athens, Paris, Rome, Madrid, Lisbon, Stockholm, Copenhagen, Prague, Berlin, Vienna, Warsaw, Sofia, Sarajevo, Tunis, Bern, Budapest, London, Minsk, Baku, Oslo, Ankara, Bucharest, Mosco, Kyiv and Belgrade attended the online session. During the session, they were told about the changes SECP has made to improve the process. The attendees were also informed that overseas investors can not only register their companies in Pakistan easily but they can handle taxation matters digitally as well.
Pakistan has been facing an economic crisis lately, but the business community of the country is confident that if the right facilities are provided to the industries, they can not only steer the country out of crisis but can also enhance the country’s economic position, besides improving business ties with the region and beyond.
