According to the available data, Pakistan has the fifth largest coal and copper reserves in the world and has the potential to produce 60,000 megawatts of electricity through the Indus River flow alone, but the nation has been facing acute shortage of electricity for the last many years. The government had promised to end energy shortage when it came to power in 2012, but the situation is same after it has completed two and half years of its tenure and no sign of improvement are visible. Economy is the core issue of the country and all hopes are now rest on the China-Pakistan Economic Corridor (CPEC) and Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline projects which are regarded as the game changers. However, in practical, the government could not take any initiative to improve energy and industrial sectors.
According to an official of the Board of Investment, the country’s middle class population will reach 100 million by 2025, turning Pakistan into a big consumer market for global manufacturers. However, Pakistan is one of the few South Asian countries, which ranked low in ease of doing business index. The board is already working on a project in coordination with the World Bank to improve the ease of doing business ranking. To improve the situation, the country will have to liberalize its investment policies and open up the consumer market to attract local and foreign investment. The federal government has to coordinate with provinces to devise investment-friendly policies and curb red tape which is the biggest hurdle in the economic development of the country. On one hand, the officials are helpless to take bold decisions on the projects of national interests and on the other they are biggest hurdle in smooth implementation of development-oriented programms.
The government will have to simplify business registration procedure for local and foreign investors, digitalize the property and construction affairs and introduce a soft tax regime. Earlier, the government had set up one window operations not only to facilitate investors in setting up their business, but also to protect them from any coercive action from the government officials. However, every effort has been bulldozed by the black sheep in bureaucracy, leaving the nation to lead their lives without electricity and other amenities of life. It is good omen that the Board of Investment is now planning to introduce transparency through simplification of rules and regulations, automation and training and skills development. Pakistan can be a promise land for investors if the government makes sincere efforts to change the lot of this nation.
