PM aide hopeful of increase in foreign investment

Says improvement in ease of doing business ranking will create favourable business environment

ISLAMABAD: The improvement in Pakistan's ranking on the Ease of Doing Business (EODB) Index of the World Bank will pave the way for creating an environment conducive for business and attract more foreign investors, said Adviser to PM on Commerce, Industries and Investment Abdul Razak Dawood.

Addressing a news conference on Friday, he said out of 190 large and small economies, Pakistan's ranking improved from the 136th to 108th position.

"After this huge achievement, Pakistan's economy will be more integrated with the global economy and this linkage will bring foreign investment to the country," said the adviser.

Dawood said the improvement in the EODB ranking was an unprecedented positive jump in the country's business environment which, he said, "will enhance the overall image of the country across the world and help promote investment in the country."

Lauding his government, the adviser said under the leadership of Prime Minister Imran Khan the economic team had proved its worth. He said Pakistan's doing business score, formerly known as distance to frontier, improved from 55.31 to 61. Dawood said the report highlighted that the country was consistently closing the gap between its regulatory environment and global good practices.

Ease of business: Pakistan up 28 places on World Bank index

The PM aide added that the improvement was due to coordinated efforts of Sindh, Punjab and all national institutions.

Although the report included only two main cities, Karachi and Lahore, the adviser said, "We shall provide a favourable business environment in all four provinces and provide equal business opportunities all over the country."

He said Khyber-Pakhtunkhwa and Balochistan were also in the priority list in order to provide more facilities to improve business environment in these two provinces.

He said the government was committed to facilitating business activities in these two provinces as well as rural areas. "We are working on a model to improve business at the district level."

Later, talking to reporters, Dawood said the government would continue its work on further improving the ranking. "We need to improve more for providing a business environment conducive for foreign investors," he remarked.

He said the government had set an ambitious target and wanted to improve the ranking to the 70th or 80th position within a couple of years.

Also speaking at the news conference, Board of Investment Chairman Zubair Gilani said economic stability and growth were the top priorities of the government for providing relief to the people.

He said transfer of technology and automation was the real change to transform institutions and ensure ease of doing business for foreign investors in the country.

He said improvement in the EODB ranking was encouraging as it would portray a positive image of Pakistan and attract foreign investment.

Published in The Express Tribune, October 26^th, 2019.

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