Private Sector Growth Engine to Boost Economic Growth: Azfar

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Minister of State and Chairman of the Board of Investment (BOI), Muhammad Azfar Ahsan, said the private sector is the engine of growth and successful businesses drive growth, create jobs and pay the taxes that finance services and investments.

“The BOI has launched various reforms to improve the general investment climate and attract foreign direct investment (FDI) to the country,” the BOI Chairman said.

According to the press release, Minister of State and Chairman of the Board of Investment (BOI) Muhammad Azfar Ahsan was addressing business leaders and business leaders.

Azfar Ahsan, highlighting the measures taken by the current government to improve the business climate for the private sector, said the government was doing so by adopting policy initiatives and measures aimed at reducing the bureaucracy and administrative procedures necessary to create and manage private businesses. .

The government is committed to setting up commercial courts for speedy rulings, improving competition and reducing barriers to market entry for private companies, providing better access to finance, especially for small and medium-sized enterprises (SMEs), and improve overall corporate governance, he said.

Additionally, the BOI has approved 22 Special Economic Zones across Pakistan, which provide lucrative incentives to potential investors.

He further shared that in a bid to make the regulatory environment friendly and accessible to investors, the BOI is leading the “Pakistan Regulatory Modernization Initiative” (PRMI), launched by the Prime Minister of Pakistan, which will transform the regulatory landscape at all levels of government. ; federal, provincial and local.

“Our government has a vision of a prosperous and progressive Pakistan through labour-intensive, export-driven industrialization.” President BOI

“Pakistan’s export competitiveness is declining, the export profile is concentrated in terms of products and markets, and very few companies are integrated into the global economy. Pakistan is currently the seventh most protected economy in the world as measured by the Global Trade Restrictiveness Index,” Ahsan added.

The Chairman said that the BOI also operates a grievance system to resolve investor issues and is working on setting up a public online grievance/query system to enhance its public awareness.

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