LAHORE: Coordinator to Minister of State and Federal Tax Ombudsman and Kyrgyzstan Trade House (KTH) Chairman Meher Kashif Younis said that government should fully exploit an ideal geographical location of country, which has abundance of natural and human resources, to attract foreign direct investment (FDI) and boost exports to deal with economic challenges.

Talking to delegation of industrialists, led by Chaudhry Faran Shahid here, he said there was pressing need for making policies that facilitate development and implementation of quality technological infrastructure. Small and medium enterprises policy, with orientation of Information and Communication Technology that underscores importance of technology in creating value within businesses is essential for fostering economic growth. He said despite Pakistan’s aspirations to become digital economy, its existing digital infrastructure requires significant improvements to fully realise its potential.

Meher said investment rate in Pakistan stands at 15 percent less than half of average investment rate in South Asia and private investment in Pakistan is lower than 10 percent of GDP. He said Pakistan requires multifaceted approach that involves addressing governance weaknesses, improving regulatory framework, and undertaking economic reforms to create more favourable environment for foreign investors.

Meher said numerous challenges plague Pakistan’s economic situation and one of major factors contributing to these challenges is extensive public sector intervention characterised by policies, regulations and bureaucratic obstacles, has impeded growth and efficiency of industries.

He said that for better future, policymakers must address these challenges and implement strategies that facilitate economic growth, alleviate burden of state-owned enterprises and establish an environment conducive to innovation and productivity. “By doing so, Pakistan can pave way for more robust and sustainable economic landscape. Only through concerted, targeted efforts Pakistan can overcome these obstacles and pave way for sustainable economic growth and development,” he concluded.

Published in The Daily National Courier, January, 04 2024

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