Islamabad
\nFormer Minister of State & ex-Chairman Board of Investment (BoI), Muhammad Azfar Ahsan, in his keynote address at a seminar titled \u201cDevelopments in the Middle East: Lessons and Opportunities for Pakistan\u201d observed Foreign Direct Investment (FDI) would continue to elude us unless we address our internal issues.
\n\u201cWith the continuation of policies and with collaborative effort of all concerned, we can draw FDI worth around USD 25 billion in the next 8-10 years.\u201d
\nHe was addressing a seminar jointly organized by the Islamabad Policy Research Institute (IPRI) and a local media house here Wednesday.
\nAzfar Ahsan who is also Founder & CEO, Nutshell Group also expressed his concerns over the lack of a long-term consistent policy and political will. This ultimately leads to slow or no progress, he said.
\nAzfar shared his observations on what has worked for the economies of Saudi Arabia, UAE and Qatar, and stressed that Pakistan needs collaboration and continuity at all levels, to be able to follow the same trajectory.
\nAbout the need of the hour, Azfar declared competence and merit to be the best instruments for progress, as has been illustrated in the case of Riyadh and Qatar; both have come up as fast-progressing economies. \u201cMeritocracy and competence should be the only criteria for people at the helm of affairs in the Government, and non-performers need to be removed.\u201d
\nAzfar pointed out that the country lacks cohesion and coordination among all relevant stakeholders. He also emphasized that business is all about mutual benefit and that Pakistan cannot continue business engagements solely based on friendships and personal relationships.
\nHighlighting the need for a Big Rethink, Azfar said; \u201cThings can improve with the appointment of competent individuals at the right places. Pakistan cannot compete globally with the current system and policies. These problems are solvable, and given the right direction, Pakistan will be ready to fly. To make this happen, however, the elite of Pakistan needs to put Pakistan first.\u201d
\nAzfar also stressed on the importance of creating an enabling environment for Saudi investors. \u201cPakistan needs to identify the sectors where investment is needed and facilitate foreign investors instead of discouraging them.
\n Rather than focusing on loans and subsidies, we should aim to attract a few billion dollars annually from Saudi Arabia, Qatar and UAE.\u201d
\nAzfar praised the efforts of Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, His Royal Highness Muhammad Bin Salman, as an exceptional visionary and credited KSA\u2019s Vision 2030 to be a relevant blueprint for Pakistan. It was his strong planning that converted Riyadh into a center of investments where the global community is exploring joint ventures and other opportunities. Azfar said, \u201cThe number of women in their workforce has increased, and the ministries and government of KSA are now more efficient than the private sector. The credit goes to none other than HRH Muhammad Bin Salman.\u201d Closing his address, Azfar said that there are immense opportunities for Pakistan; \u201cSaudi investors are willing to invest in Pakistan in eight sectors. As Chairman BoI, I took the responsibility to devise a strategy for collaboration between Pakistan and KSA for G2G, G2B and B2B investments.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad Former Minister of State & ex-Chairman Board of Investment (BoI), Muhammad Azfar Ahsan, in his keynote address at a seminar titled \u201cDevelopments in the Middle East: Lessons and Opportunities for Pakistan\u201d observed Foreign Direct Investment (FDI) would continue to elude us unless we address our internal issues. \u201cWith the continuation of policies and with […]<\/p>\n","protected":false},"author":2,"featured_media":336219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-336194","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n