Pakistan steps up business reforms to attract local, foreign investment

Mettis Global reported that Federal Minister for Board of Investment Qaiser Ahmed Sheikh has outlined a push to make doing business easier and to draw in local and foreign money. The minister said a Business Facilitation Centre has already been set up, and officials are working with foreign experts, including from the United States, to make regulatory processes leaner. Relevant institutions are also being consulted to build consensus before implementation.

The minister conceded that Pakistan had fallen behind other countries in simplifying rules, but said efforts to improve the business climate are underway. He explained that duty-free or zero-rated machinery, where applicable, is intended to sharpen the competitiveness of domestic industries and support production geared toward exports. He also cited Southeast Asian economies, where domestic and foreign investment helped push value-added exports, and said Pakistan's economic zones offer room for new industries, especially for overseas Pakistanis and foreign investors.

Qaiser linked better sovereign credit ratings to stronger economic management and smoother business facilitation, and put State Bank foreign currency holdings near $18 billion, equal to about three months of import payments. Work on investment schemes is moving ahead in step with the IMF, and certain projects come with tax concessions. On the Iran-US dispute, he said costlier crude and energy are straining the economy, and that Pakistan, given its ties with both countries, could assist dialogue.