Aurangzeb mulls incentives to attract foreign direct investment

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Thursday reaffirmed that the government was keen on introducing policy measures that would streamline investment processes and provide incentives to foreign investors.
Chairing a meeting with representatives from Pak-Brunei Investment Company Ltd (PBICL) and Saudi-Pak Industrial and Agricultural Investment Company (SPI&AIC) to evaluate the progress, challenges, and future directions, the minister underscored the importance of these ventures in attracting foreign direct investment (FDI).
He appreciated both companies and specifically applauded the implementation strategies of KSA’s Vision 2030 for achieving their targets within a few years. He stressed that Pakistan is keen on learning those strategies.
He also expressed the government’s unwavering commitment to creating an enabling environment for private sector investment, recognising the critical role that joint venture companies like PBICL and SPI&AIC could play in driving economic growth.

PBICL Chief Executive Officer SM Aamir Shamim gave a brief overview of the company’s portfolio and major initiatives in Pakistan.
He apprised the minister about the role played by PBCIL in promoting economic cooperation between Pakistan and Brunei by facilitating investments in industrial and agricultural sectors through financial services, real estate, and SME support and how it has contributed to significant advancements in these areas, fostering bilateral trade and economic stability.
SPI&AIC’s chief executive officer Rizwan Sheikh also gave a presentation about the major development initiatives of the company in the country for promoting Islamic finance, food security, digital finance, trade, and agriculture and livestock.
The meeting also discussed various aspects of the operations of these companies, including investment strategies, performance metrics, and key impediments affecting their growth. Both companies presented their achievements and challenges, highlighting areas that require policy support to overcome obstacles in their operational landscape.
The discussion also focused on potential areas for future investments and collaborations through more government-to-government initiatives to support priority sectors.
PBICL Chairman Dk Noor ul Hayati Binti Pg Julaihi, SPI&AIC Chairman Sultan M. Hassan Abdulrauf and senior officers from the Finance Division attended the meeting.
Published in Dawn, August 30th, 2024