PM urges businesses to benefit from SIFC

Kakar reiterates govt commitment to ensure conducive environment for trade and investment

KARACHI:

Caretaker Prime Minister Anwaarul Haq Kakar on Thursday, reiterating the government's commitment to providing a conducive environment and streamlining regulations, urged the local business community to take advantage of the Special Investment Facilitation Council (SIFC).

Addressing a ceremony for distribution of Pakistan Stock Exchange (PSX) Awards to top-25 companies for the year 2022, the prime minister said that the caretaker government's ultimate goal was to provide a blueprint for an economic turnaround to the next government.

He said the government had sought help from the army to facilitate the business environment through the SIFC forum. He added that the measures taken by the government, including the crackdown on smuggling, illicit foreign currency trade and power theft, had yielded positive results.

Inviting the private sector to invest and take advantage of the government's measures, he called for building and rebranding Pakistan. He said the privatisation process was under way which would also have positive impacts on the economy.

The prime minister, who also distributed awards among the top-25 companies, said that the PSX mirrored the vibrancy of the corporate sector and highlighted the symbiotic relations between the government's policies and the prosperity of the businesses.

He emphasised the Corporate Social Responsibility (CSR), urging businesses to adopt it as a moral obligation rather than mere rhetoric. He urged business leaders to embrace digital evolution and collaborate with higher education institutions.

Kakar urged the corporate sector to explore opportunities in regions like Economic Cooperation Organization (ECO), Caucasus, and the unexplored around 1.3 billion African population. He emphasised the need for preparing for $36 trillion trade activity expected to take place in China in 10-15 years.

Read also: SIFC initiatives poised to yield dividends: PM

He encouraged soul-searching and improvement of approaches to envision Pakistan as the economic power of the region. He said Pakistan, a 240 million-strong nation with immense natural resources like four seasons, mountains, and others as well as the youth bulge was destined to rise.

The prime minister said the award ceremony to recognise outstanding companies was a testament to cooperation between the government and the corporate sector. He congratulated the award-winning companies on their extraordinary performance.

In her address, Caretaker Finance Minister Dr Shamshad Akhtar expressed the synergies between the PSX and her professional journey. She emphasising the visible potential of the bourse, with a noteworthy gain in the last quarter of 2023.

She highlighted the government's collaborative efforts that enabled the swift stabilisation of the economy within a short period. She stressed the need for harnessing the underlying potential of the PSX further and pledged the government's commitment to sow the seeds for future growth.

She hinted at significant progress in the restructuring of the Federal Board of Revenue (FBR), assuring that tangible results would be evident before the departure of the interim government. The minister highlighted the government's commitment to facilitating businesses.

The awards ceremony was also attended by Sindh Governor Kamran Khan Tessorti and Caretaker Sindh Chief Minister Justice (retd) Maqbool Baqir, besides a large number of prominent business figures.