Foreign investors, who already have high stakes in Pakistan, are waiting for economic and political stability, therefore, the government must ensure a stable environment as investment is directly linked to such favourable conditions, said a top official of a leading tech company.
Talking to The Express Tribune, SAP Managing Director in Pakistan, Afghanistan and Iraq Saquib Ahmad underscored that “for any business to thrive, it is essential to have a conducive environment marked by political harmony and financial stability.”
Ahmad, who is also the president of The Indus Entrepreneurs (TiE), which supports entrepreneurship, along with a member of the Overseas Investors Chambers of Commerce and Industry (OICCI), stressed that entrepreneurship was also linked to financial stability and as a representative of foreign investors in Pakistan, “we are facing a turbulent time”.
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“The government is all up for improving the investment climate but at the same time, it is important to have long-term policies and, most importantly, a stable system, government and economy.” He expressed optimism that the situation had substantially improved.
Reflecting on recent challenges, Ahmad acknowledged the tribulations of curbs on Letters of Credit last year but acknowledged that the issue had now been resolved and things were moving in the right direction, especially after the IMF deal with Pakistan. “Foreign companies are now able to repatriate profits and imports are taking pace like before.”
Published in The Express Tribune, January 16th, 2024.
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