Ingredients for Investment Boost

24 July 2024

Published in: Pakistan Observer

CHAIRING a meeting on Monday Prime Minister Shehbaz Sharif emphasized the government’s commitment to bolstering investment in the country, underscoring efforts to create a business-friendly environment for traders and investors. Indeed the efforts on the part of the PM are commendable. His dedication, as evidenced by frequent meetings and diplomatic engagements with key allies like China, Saudi Arabia and the UAE, underscores a commitment to attracting foreign capital and enhancing domestic business prospects.

However, amidst all this, lies a crucial challenge that demands urgent attention: the need for a truly enabling environment. The sustainability of investment hinges significantly on practical factors such as the cost of inputs like electricity, gas and other essential utilities. For Pakistan to compete effectively in the global market, these resources must be made available to private sector and investors at reasonable rates. This requires innovative solutions and bold reforms to ensure that industries can operate competitively, producing goods that meet international standards in terms of quality and cost. Political stability is another cornerstone of attracting foreign investors. Our friendly countries have also consistently emphasized the importance of a stable political climate as a prerequisite for sustainable economic development. Despite these reminders, internal political dynamics often overshadow national interests, hindering progress and perpetuating uncertainty. Both the government and the opposition share a responsibility to transcend partisan divides and prioritize the nation’s economic well-being over short-term political gains. They need to demonstrate a collective commitment to steering Pakistan out of its current challenges. Rather than viewing each other as adversaries, they must engage constructively to find solutions that benefit all citizens. This demands a paradigm shift in political conduct, focusing on national unity and pragmatic governance. Only through such unity can Pakistan harness its full potential and emerge as a resilient economy in the global arena.