ABC seeks to increase FDI in Pakistan

KARACHI: A delegation of American Business Council of Pakistan (ABC) has met Pakistan senior government officials to discuss ways to enhance engagement, encourage foreign direct investment, and boost economic growth in the country, a statement said on Tuesday.

The meetings were held with Syed Naveed Qamar, Minister for Commerce; Tariq Mahmood Pasha, Minister of State on Revenue; Tariq Bajwa, Special Assistant to the Prime Minister on Finance and Revenue; and Akif Saeed, Chairman, Securities and Exchange Commission of Pakistan (SECP).

During the meetings, the delegation led ABC Jamshed Safdar president by discussed the ease of doing business, standardization of taxation and revenue policy, and protection international investors and their local interests, to ensure continued economic growth.

The delegation emphasised the importance of better engagement with the government to achieve mutual goals and interests, urging to standardise revenue policy to ensure a uniform business landscape.

"We are committed to working with Pakistan to enhance economic growth and promote foreign investment," Safdar said. "We are confident that our partnership will continue to bear fruit in the future.”

The leading coalition multinationals of American companies is a substantive development partner for the government - employing 75,000 directly and millions along its chain whilst also providing globally relevant technological advancements across sectors. The network’s capital investment in the last three years, according to ABC, is standing at Rs57 billion with a contribution to the national exchequer in 2022 at Rs159 billion.

The American companies also presented different sector-specific recommendations to the government leaders on how to create economic resilience in a post-floods economy in partnership. The delegation emphasised the scale of ESG-centric activities carried out by the companies.