Govt opening up local markets for foreign investors: Hafeez Shaikh

November 18, 2020: Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh on Wednesday outlined the government policy of opening up local markets for foreign investors and facilitating them for business development besides employment generation in the country.

Addressing ‘The Future Summit’ through video link on topic ‘The Future of Pakistan’, the advisor said Pakistan enjoyed natural advantage to its strategic location, agricultural potential, mineral resources, vast coastlines and close proximity to resource rich Central and South Asian States.

He said economic prosperity could be achieved without transferring benefits of growth to the masses; an inclusive growth was the key to sustainable economic development which had far reaching benefits for all.

Shaikh said focus of the incumbent government was on building institutions and streamlining procedures for sustainable economic growth.

He shared details regarding unprecedented reforms introduced by the government. He informed the participants that the Primary and Current Account Balance were positive for the first time.

The government, he said, had returned Rs. 5000 billion of foreign loans in two years; issued Rs. 250 billion in tax refunds to businesses allowing more liquidity while lucrative packages had been introduced for export promotion and special package introduced for Small and Medium Enterprises.

Shaikh said Rs. 1.2 trillion package given by the government during COVID-19 pandemic was an example of government being sensitive to the sufferings of people during testing times.

Private sector has to take lead role in providing services and employment in the markets, he said adding, this was the way to sustainable development.

The adviser thanked the Chief Executive Officer Nutshell for arranging the seminar and inviting him for sharing his views.

APP