ISLAMABAD: Federal Minister for Board of Investment (BOI) Qaiser Ahmed Sheikh on Wednesday said the government was taking required steps to simplify business regulations, attract local and foreign investment, strengthen industry and promote value-added exports.
Addressing an event, he said a Business Facilitation Centre had been established and the government was working with foreign experts, including US experts to streamline regulatory procedures. Relevant institutions were also being consulted to build consensus and ensure effective implementation of reforms.
The minister acknowledged that Pakistan had lagged behind other countries in simplifying regulations, adding that the government was now making concerted efforts to improve the business environment. Incentives such as duty-free or zero-rated machinery, where applicable, were aimed at making domestic industries more competitive and encouraging export-oriented production.
He highlighted the experience of Southeast Asian economies, where domestic and foreign investment helped drive value-added exports.
Pakistan’s economic zones, he said, offered opportunities for new industries, particularly for overseas Pakistanis and foreign investors. Investment initiatives were also being pursued in coordination with the International Monetary Fund (IMF), while some projects offered tax incentives.
Qaiser said improvements in Pakistan’s sovereign credit ratings reflected progress in economic management and business facilitation, adding State Bank foreign exchange reserves had reached around $18 billion, covering approximately three months of imports.
On regional developments, the minister said the ongoing Iran-US conflict was creating economic challenges, particularly through higher oil prices and energy costs. He said Pakistan, given its relations with both countries, could help facilitate dialogue and supported diplomatic efforts to resolve the dispute.
Recalling Pakistan’s role in facilitating US-China contacts in the past, Qaiser stressed the importance of continued diplomacy for regional peace and global economic stability. He also appreciated the military leadership’s support for diplomatic initiatives.
