Pakistan’s gross domestic product has crossed $300billion mark after achieving 5.3 percent economic growth in 2017, the highest in a decade. However, when foreign direct investment has reached $2.41 billion during the fiscal year 2016-17, up 5 percent compared to the previous year, the country’s exports have continuously been on a downward trajectory for the last four years and have lost more than 20 percent of its volume in a row. The good part of the current economic situation is that various developed nations are taking interest in enhancing investment in Pakistan, but the worst part is that no one knows who is the actual in charge of the country’s economy and which areas are safe for the foreign investment. According to Britain’s Deputy High Commissioner in Karachi Belinda Lewis, her government is considering enhancing direct investment for long-term mutual benefits of the two countries. Due to the lack of interest in the political leadership, the bureaucracy would not be able to devise any plan for the revival of the economy. Not only the UK government, but many other countries are willing to increase business and trade volume with Islamabad, but focal person is missing in this country.
The current size of Pakistan-Britain trade is close to $2 billion, which could be increased to $10 billion given the presence of the Pakistani diaspora in that country. However, the trade with UK is also on downward trajectory. Pakistan received only $69 million investment from the UK in financial year 2016-17, down 54 percent from $151 million in the previous year. According to the envoy, there are great business opportunities between the two counties but the potentials of bilateral trade have not been tapped. Given the close affinity of the political leadership with UK, Saudi Arabia and Qatar, it could not utilize its good offices to change the lot of this nation.
The government should have to prepare ground for not only British companies, but also persuade France, Germany and Japan to invest in Pakistan and make profit. The British envoy has pointed out that 120 world renowned British companies are already operating in consumer goods, banking, energy, pharmaceutical, and education sectors in Pakistan. What the government needs to do is to revisit tax laws, improve infrastructure and simplify official procedure for foreign investment. Until the government appoints a focal person for investment, the advices of foreign delegates and voices of reasons will go unheard in the country.
