CM’s aide says federal govt failed to attract investors

PESHAWAR: Adviser to Chief Minister on Finance and Interprovincial Coordination Muzzamil Aslam on Saturday criticized the federal government and said it failed to attract foreign investors.

In a handout, he said that despite the government’s efforts, foreign investors were reluctant to come to Pakistan. The adviser said that in the first seven months, the total foreign investment stood at $1.346 billion, while the outflow of profits reached $1.317 billion.

Aslam criticized the government for its inability to attract foreign investment with no major international player entering the Pakistani market since 2022 while India was in the headlines as a best investment destination.

He slammed Prime Minister Shehbaz Sharif for failing to secure investments despite numerous foreign trips. The government’s privatization efforts have been unsuccessful, with no major deals in the past three years, he said.

The adviser said the government had failed to attract foreign investment, and Pakistan’s option to borrow from commercial banks globally had been frozen since 2022.

The government has managed to secure some commercial loans at high interest rates, but borrowing from friendly countries was not a sustainable solution, he added.