Prominent UK investment firms, including Fidelity International Limited (FIL), Wellington Management, Ashmore, and others, have signalled their desire to explore investment opportunities in Pakistan. Caretaker Prime Minister Anwaarul Haq Kakar met with these investors in London to discuss the prospects of investment in Pakistan.
During the meeting, Prime Minister Kakar provided insights into Pakistan’s current economic situation, emphasising the government’s efforts to improve the external account. He highlighted recent measures that have led to the strengthening of the Pakistani rupee against the US dollar, creating a favourable environment for stability.
The prime minister also pointed to positive indicators such as financial support from international organisations like the World Bank and the Asian Development Bank, as well as contributions from friendly nations. These factors have contributed to reduced inflation, stable reserves, and a resurgence in industrial growth.
PM Kakar emphasised the significant potential for foreign direct investment in key sectors of Pakistan’s economy and underscored the positive impact of the Stand-By Arrangement (SBA) with the International Monetary Fund (IMF), which has exceeded expectations in stabilising the country’s economy and currency.
He further highlighted ongoing economic improvements, including a sustained decline in inflation, anticipated growth in the agriculture and industrial sectors, and improved trade dynamics following the removal of import restrictions. The government has also implemented fiscal measures to provide monetary support and establish medium-term inflation targets.
The prime minister informed the UK investors about Pakistan’s pro-investment initiatives, notably the Special Investment Facilitation Council (SIFC), aimed at simplifying the business environment, attracting investments in key sectors, and facilitating long-term economic growth.
In response, the British investors inquired about the continuity of Pakistan’s engagement with the IMF and the government’s reform efforts in the short to medium term. The PM assured them of Pakistan’s commitment to the IMF programme and its dedication to implementing the agreed-upon reforms.
Published in The Express Tribune, September 26th, 2023.
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