ISLAMABAD: The World Bank is ready to provide technical and financial advisory services to public and private sectors by assisting local and foreign companies entering manufacturing and agribusiness in Pakistan, announced International Finance Corporation (IFC) Regional Industry Director of Manufacturing Rana Karadshseh-Haddad.
In a meeting with Adviser to Prime Minister on Commerce, Textile, Industries and Production, and Investment Abdul Razak Dawood, an IFC delegation deliberated on issues pertaining to manufacturing-cum-export in order to revitalise the economy of the country.
IFC is a member of the World Bank Group.
Heading the delegation, Haddad apprised the adviser that Pakistan was a priority country for IFC projects in agribusiness and services and the IFC had undertaken various projects in this area to attract investment.
The adviser highlighted that Pakistan possessed immense potential in food processing, power production, textile, leather and rice sectors, which had not been exploited optimally owing to a lack of value addition in these sectors.
He emphasised the need for attracting investment in the aforementioned sectors and urged the IFC to provide necessary assistance to public and private-sector companies.
“Businessmen are interested in investing in Pakistan owing to immense opportunities,” he said. “Big companies, both local and foreign, are interested in investing in different projects pertaining to value addition.”
He added that Pepsi and Cargill had started investing in the food processing business in Pakistan.
Dawood pointed out that the country had also launched a program titled ‘Regulatory Guillotine’ to ease business regulations.
Through this programme, two to three regulations were being removed every month in a bid to streamline business activities, the adviser highlighted.
“Pakistan has taken various effective steps to improve trade procedures by establishing a better trade facilitation regime,” he said.
The adviser informed the delegation about the enormous investment opportunities for technological upgrade in the textile sector as manufacturers were using outdated technology, which eroded their competitiveness in the global textile market.
He pointed out that Pakistan had taken a strategic decision through which it was going to enhance the share of renewable energy from 4% to at least 20% in the total energy mix.
“This particular initiative has offered massive investment opportunities in the power sector.”
He urged IFC to facilitate Pakistan in better allocation and utilisation of resources to uplift the economy of the country