Federal Minister for Commerce, Jam Kamal Khan said Monday that the government’s fresh approach of focusing solely on facilitation has successfully bolstered the confidence of investors and businessmen in its commitments, paving the way for a new era of economic growth and cooperation.
Addressing a press conference on the sidelines of two-day Pakistan-Saudi Arabia Investment Conference, the minister said, unlike in the past, the incumbent government has limited its role to facilitation and promotion of businesses to build a robust economy, which he said was imperative in shaping foreign policies and fulfilling commitments respectfully.
The minister was flanked by Federal Minister for Information and Broadcasting Attaullah Tarar and Federal Minister for Petroleum Dr. Musadik Masood Malik. This new approach had already yielded positive results, with Saudi investors expressing confidence in the government’s commitments, the minister added.
The minister attributed this trust to the government’s consistent follow-through on its promises, demonstrated by the frequent meetings between Prime Minister Shehbaz Sharif and the Saudi Crown Prince, Mohammed bin Salman Al Saud and meetings of ministers of both the countries during past two months.
The government’s efforts have led to an influx of around 100 foreign companies from various sectors, including energy, food, construction, and IT, engaging with Pakistani businesses. This enthusiasm was palpable at the current conference, where business communities from both countries came together to explore opportunities.
The minister praised the business community’s crucial role in improving the country’s economic affairs and acknowledged the government’s commitment to creating a conducive environment for economic growth. The government has taken concrete steps, including reforms in taxation, energy, and tariff matters, to facilitate export-oriented companies and ease the process of doing business.
This new approach marks a significant shift from the past, when Pakistani companies were leaving the country. Now, they are returning and even considering joint ventures. The government’s vision is to promote the business sector, leading to economic growth and relations built on business and work, rather than loans, aids, and grants.
The International Finance Corporation (IFC) has also acknowledged the positive portfolio in Pakistan, further boosting investor confidence, he added.
He explained that today’s conference marked the first stage of a multi-phase process, which would be followed by the concrete implementation of the commitments made here. Ultimately, this would lead to the fruitful outcome of promoting businesses, services, employment opportunities, and most importantly, improving the overall quality of life for the people.
