British Investment delegation calls on Finance minister

Islamabad: British International Investment (BII) Board delegation on Friday called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at the Finance Division.

The meeting was attended by CEO BII Nick O’Donohoe, Chairperson Ms. Diana Layfield, MD & Head of Asia Srini Nagarajan, Regional Director South Asia Habib Yousaf, Development Directors Alex Woods & Ms. Jo Moir, Senior Economic Advisor Louie Dane, and officials from Finance Division, said a news release.

The minister provided an overview of Pakistan’s improving economic landscape including GDP growth rate of 2.4% for FY 24, which is expected to improve to about 3.6% in FY 25, buildup of foreign exchange reserves to USD 9.4 billion, revived confidence of investors in the capital markets and decrease in CPI inflation at 12.6% in June 2024, and increase in foreign remittances by 7.7% as compared to last year.

He highlighted the successful completion of 9-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) and government’s commitment to achieve sustainable economic growth in future under a fund supported medium term program, negotiations for which are underway.

The minister also underscored that increasing Tax to GDP ratio to about 13.7% in the medium term is the priority of the government through increasing tax base and FBR’s end-to-end digitization He further outlined the initiatives being undertaken in energy sector to reduce the cost of generation and privatization of DISCOs.

It was further highlighted that the government is working on SOE reforms, privatization, rightsizing the government and bringing in investment through Public Private Partnership.

Importance of Foreign Direct Investment (FDI) was highlighted and the role of Special Investment Facilitation Council (SIFC) in bringing in FDI in the priority areas of energy sector, agriculture sector and Information Technology (IT) sector was discussed.

The delegation from British International Investment appreciated the government’s initiatives to stabilize the economy and enhance the investment environment.

They also expressed interest in investing in the energy sector, particularly in improving transmission system.

The minister encouraged the delegation to engage with the Special Investment Facilitation Council (SIFC), highlighting it as a pragmatic platform that attracts foreign investments and provides a streamlined process for investors.