ISLAMABAD, MAY 3 /DNA/ – Muhammad Hanif Mughal, Chairman of Pakistan Tehreek-e-Shadbad, said on Friday that Pakistan has lost numerous chances to grow economically.Â
Politicians and bureaucracy tend to scare away investors, which should be changed; that is critical for the success of Saudi investment, he added.
In a statement issued today, Dr Muhammad Hanif Mughal said that no other country has as many opportunities as Pakistan to boost the economy, but all such opportunities have been wasted due to vested interests.
He observed that our politicians and bureaucracy are experts in driving away investors, a major obstacle to investment and national development.
He said that now, the friendly country of Saudi Arabia wants to invest billions of dollars in Pakistan, which should be allowed to succeed.
Riyadh is particularly interested in investing in the agricultural sector; nevertheless, energy projects were also addressed during the discussions between the high-ranking officials of both countries.
He said Saudi investors and investments should be protected and allowed to work freely so other countries could also follow suit to invest in Pakistan.
Apart from this, people and institutions who have stopped investments in Pakistan should be consulted to find and correct the problems discouraging investors.
He said Saudi investors and their investments should be protected from problems, which is crucial for the economic stability of Pakistan.
With Saudi investment, the relations between the two countries will be more stable, while the reputation of Pakistan will grow, the economy will prosper, and employment opportunities will increase.
He noted that some hostile countries and negative elements are worried about Saudi investment in Pakistan. They may target Saudi investors like the Chinese working are targeted.
Therefore, the foolproof security of investors be ensured so they can work with peace of mind, he demanded.
Hanif Mughal observed that there is a realization at the top in Pakistan that we need to modify our internal dynamics to attract foreign investment.
The government is trying to make Pakistan an attractive destination for capital from other countries. Still, much must be done before making the country an investment destination.
He said that Pakistan is facing revenue, energy, and security issues, which require attention. It is also essential to put an end to corruption and bureaucratic red tape and establish a regulatory and administrative environment that emphasizes the simplicity of conducting business.
In the meantime, the Saudi offers are likely to be realized shortly and additional foreign investors from the Gulf region and beyond may start to investigate the investment potential in Pakistan.
On the other hand, it is essential to ensure an environment of domestic political stability which is necessary to attract huge foreign investments.
It should not be overlooked that FDI allows the transfer of technology and it can also promote competition in the domestic input market. Recipients of FDI often gain employee training for operating new businesses, which contributes to human capital development and profits generated by FDI contribute to tax revenues.
