- Assures UK investors to explore investment opportunities in financial, capital market of Pakistan
- Says administrative actions strengthened rupee against dollar
- Invites overseas Pakistanis to avail great investment opportunities
LONDON: Caretaker Prime Minister Anwaarul Haq Kakar on Monday reiterated his government’s commitment to the IMF programme by undertaking reforms committed with the international lender, inviting the British investors to explore promising investment opportunities in the financial and capital market of Pakistan.
The caretaker premier’s assurance came while responding to the British investors who enquired about the continuity of the International Monetary Fund (IMF) programme in Pakistan and reform efforts from short to medium term.
PM Kakar said positive indicators, including inflows from the World Bank, Asian Development Bank, and friendly nations, contributed to reduced inflation, stabilized reserves, and revival of industrial growth. The prime minister spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of the Stand-By Arrangement (SBA) with the IMF, exceeding expectations and stabilizing the economy and currency.
Senior leaders of London’s capital and financial market called on the Caretaker Prime Minister Anwaar-ul-Haq Kakar in London.
Recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability.
~ Caretaker Prime Minister pic.twitter.com/nnb85Bp3zZ
— Government of Pakistan (@GovtofPakistan) September 25, 2023
The leaders of the notable investment firms who met the prime minister in London included Fidelity International Limited (FIL), Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK.
During the meeting, Anwaarul Kakar informed the delegation about Pakistan’s current economic landscape, highlighting government measures for external account improvement. He said that recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability.
The Interim PM also highlighted economic improvements such as reduced inflation with expected sustained decline, and upcoming growth in agriculture and industry. He mentioned improved trade after removal of restrictions on imports and fiscal measures for monetary support and medium-term inflation targets.
Kakar highlighted Pakistan’s pro-investment efforts, introducing the Special Investment Facilitation Council (SIFC). This initiative, led by the prime minister himself, streamlines investment processes, attracts investments in key sectors, and fosters long-term growth by simplifying the business landscape.
‘Overseas Pakistanis need to avail investment opportunities’
Earlier, Caretaker Prime Minister Anwaarul Haq Kakar on Monday said that the overseas Pakistanis need to avail great investment opportunities offered by government of Pakistan.
Speaking during a meeting with a delegation of prominent British Pakistani businessmen which called on him in London, he invited the diaspora businessmen to invest, especially in Special Economic Zones, to contribute to Pakistan’s economic recovery.
Anwaarul Haq Kakar highlighted positive economic indicators resulting from reforms pursued by the interim government, including a strengthening Pak. Rupee, reduced inflation, and expected economic growth. The removal of import restrictions and efforts to restore the business community’s confidence are expected to further boost external accounts, he added.
The interim prime minister spoke about Pakistan’s investment-friendly approach, mentioning incentives and ease-of-business reforms. He introduced the Special Investment Facilitation Council (SIFC) to streamline investment in key sectors through a single-window platform. This initiative aims at enhancing ease of doing business, removing bureaucratic hurdles, and creating a long-term investment roadmap.
Moreover, Kakar also shared the government’s resolve and commitment to privatize loss-making state-owned enterprises.
The British Pakistani business leaders expressed their appreciation for the prime minister’s outreach to the diaspora and conveyed their strong interest in expanding their business operations in Pakistan while actively seeking to increase their investments in the country.
They hoped that reforms undertaken by the government would continue in the long run and assured the prime minister of their support for putting Pakistan back on the growth trajectory.
