ISLAMABAD, Oct 22 (APP):Federal Minister for Board of Investment, Qaiser Ahmed Sheikh on Thursday stressed the need for facilitating businesses, reforming regulations and strengthening regional trade to attract investment, boost exports and accelerate economic growth.
Addressing the CEO summit, the minister said Pakistan needed to improve its investment climate by simplifying regulatory procedures and developing a facilitation-oriented approach to encourage both domestic and foreign investors.
He said Pakistanis living abroad had substantial financial resources and investment potential, which could be tapped by addressing regulatory concerns and creating a more business-friendly environment.
Referring to the experiences of China and South Korea, Qaiser Ahmed Sheikh emphasized that human resource development, technology transfer, education and effective economic planning were essential for sustainable growth.
He said Pakistan also needed to improve access to financing for small and medium enterprises (SMEs) and the agriculture sector, noting that these sectors accounted for a major share of employment but received only around seven per cent of total bank lending.
The minister said limited access to affordable credit forced many small businesses to borrow from informal sources at interest rates as high as 40 to 50 per cent, restricting their ability to expand and contribute to economic growth.
Highlighting the importance of regional connectivity, he said sustained economic growth was difficult without regional trade, citing Southeast Asia, where around 70 per cent of trade takes place within the region.
He observed that restrictions on trade with neighbouring countries had constrained Pakistan’s ability to exploit its geographical position as a gateway to Central Asia and other regional markets.
The minister called for dialogue among relevant stakeholders to address regional trade barriers and facilitate cross-border business cooperation, saying stronger regional connectivity was vital for attracting investment and expanding export markets.
He said Pakistan’s exports remained around $30 billion, while greater access to regional markets could help local industries expand their international presence.
Drawing on his business experience, Qaiser Ahmed Sheikh cited joint ventures with South Korean companies to illustrate how differences in market access and export opportunities could affect industrial performance.
He reiterated that investment-led growth required a combination of human development, improved access to finance, business facilitation and greater regional economic cooperation.
Source: APP (Associated Press of Pakistan)
