ISLAMABAD: Senior leaders of London’s capital and financial markets called on caretaker Prime Minister Anwaar-ul-Haq Kakar in London today, Monday, and expressed “keen interest” in investment opportunities in the South Asian country.
Pakistan in June set up a Special Investment Facilitation Council (SIFC) — a civil-military hybrid forum — to fast-track decision making and promote investment from foreign nations. The council has identified five sectors as priority for seeking investment, namely agriculture, mining, information technology, defense production and energy, as the South Asian country deals with a balance of payments crisis and requires billions of dollars in foreign exchange to finance its trade deficit and repay its international debts in the current financial year.
Last week, Kakar used his visit to New York for the UN General Assembly as an opportunity to meet business and thought leaders and stakeholders and make the case for improved business climate in Pakistan and its potential for foreign direct investment in a range of sectors.
“The investors expressed their keen interest in exploring promising investment opportunities in the financial and capital market of Pakistan, reflecting a growing mutual interest in expanding economic collaboration,” the PM’s Office said in a statement released after his meeting with notable investment firms, including 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.
“Prime Minister Kakar informed the delegation about Pakistan’s current economic landscape, highlighting government measures for external account improvement,” the PM office said.
“He said that recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability. He 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.”
Kakar also spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of a Stand-By Arrangement (SBA) with the IMF, agreed in June. He highlighted economic improvements such as reduced inflation and improved trade after the removal of restrictions on imports and fiscal measures for monetary support and medium-term inflation targets.
“Furthermore, the Prime Minister highlighted Pakistan’s pro-investment efforts, introducing the Special Investment Facilitation Council,” the PMO said.
“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.”