Govt focus on foreign investment, says Ahsan Iqbal

Islamabad: Federal Minister for Planning Development and Special Initiatives, Ahsan Iqbal, affirmed on Wednesday that the government is committed to removing obstacles to foreign direct investment (FDI) as a top priority.

Ahsan Iqbal emphasized that the present government's primary objective is to position Pakistan as an export-led country in the global market.

Highlighting the significance of FDI for any economy, the federal minister noted that Pakistan is currently an attractive destination for foreign investment.

Speaking at a press conference, Ahsan Iqbal shared that the Apex Committee of the Special Council for Investment Facilitation recently convened under the leadership of Prime Minister Muhammad Shahbaz Sharif. The committee saw the participation of political and military leadership.

He further added that the government established the council to promote direct investment in Pakistan, with the current volume of foreign direct investment standing at $1.5 billion.

Recognizing the global trend of countries vying to attract foreign direct investment, Ahsan Iqbal stressed that such investments play a pivotal role in a nation's development, leading to export expansion.

He highlighted the China-Pakistan Economic Corridor (CPEC) as a significant platform for bringing investments worth up to $28 billion to Pakistan.

Addressing the positive impact of the International Monetary Fund (IMF) agreement on Pakistan, Ahsan Iqbal stated that the country now has an opportunity for growth and revitalization.

The minister underscored the government's commitment to providing foreign investors with streamlined facilities across five sectors identified under the national planning framework. Additionally, the agriculture sector will receive attention, promoting modern farming techniques and technology.

He also mentioned the government's focus on shifting towards renewable energy sources, particularly solar energy, and the potential of the Information Technology (IT) sector for driving economic growth.

Ahsan Iqbal further emphasized the need to harness the potential of the mineral sector for maximizing exports, expressing the intention to invite mining companies from around the world to enhance production through a roadshow.

Regarding visas for businessmen, the minister assured that the government is actively working on a revised policy to address visa-related difficulties and is keen to foster investment relationships with friendly nations instead of relying on aid.

The Ministry of Interior is expected to provide a report on the visa issue soon.