Qudsia Bano

To attract foreign investment and stimulate economic growth, Pakistan's Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb hosted a delegation from the British International Investment (BII) Board at the Finance Division. The meeting, attended by BII's top brass, including Chief Executive Officer Nick O'Donohoe and Chairperson Diana Layfield, focused on exploring investment opportunities, particularly in Pakistan's energy sector. Economic analysts have hailed the meeting as a positive step towards enhancing Pakistan's investment landscape. Dr Hamid Haroon, former economist at the World Bank, noted, "The engagement with BII comes at a crucial time for Pakistan. With an improving economic outlook, this interaction can significantly boost investor confidence and drive much-needed foreign direct investment (FDI)."

During the discussion, the BII delegation expressed keen interest in Pakistan's energy sector, especially in improving the transmission system. "The energy sector in Pakistan offers substantial potential for growth and modernisation. BII's involvement could bring in advanced technology and expertise, which are critical for addressing the country's energy challenges," remarked Haroon. The finance minister also encouraged the BII delegation to collaborate with the Special Investment Facilitation Council (SIFC), a platform to streamline foreign investment processes. "SIFC has been instrumental in attracting FDI by simplifying bureaucratic procedures and offering a more investor-friendly environment," explained Ali Raza, a senior banking analyst.

He also pointed out the broader implications of this engagement for Pakistan's economic policies. "The government's proactive approach in engaging with international investors reflects its commitment to fostering a conducive investment climate. This can lead to more job creation, technology transfer, and overall economic growth," he said. In addition to energy, the discussions touched upon other priority sectors, such as agriculture and IT. "Such high-level meetings are essential for fostering long-term economic relationships and bringing in expertise that can help Pakistan achieve its development goals," Ali underscored.

Credit: INP-WealthPk