Investment climate in Punjab discussed

LAHORE:Urban Unit and Planning and Development Department held a conference with the World Bank (WB) officials and other stakeholders to discuss the probabilities for improving investment climate in Punjab.

The event was attended by World Bank Group vice president, World Bank country director in Pakistan, Punjab finance minister, adviser to CM on economic affairs, heads of government departments and institutions, noted economists, bureaucrats, policy makers, academia and think tanks.

Dr Salman Shah briefed the participants on the government’s economic targets and way forward to achieve them. He said, “Fiscal and budgetary constraints, like circular debt and its servicing were inherited by the government. The economic challenges faced by the government are enormous, but we have a clear vision and economic roadmap in shape of Punjab Growth Strategy, Punjab Spatial Strategy, establishment of PPP Authority, revitalisation of SEZ’s Authority, investment climate reforms and other initiatives.”

The participants discussed ways to facilitate the private sector for improved business competitiveness in Punjab with special focus on macroeconomics and human capital development challenges faced currently. They also talked on key economic challenges affecting the GDP of Pakistan.

Ms. Ceyla Pazarbasioglu vice-president, Equitable Growth, Finance & Institutions, The World Bank Group, said, “The agenda of the conference is very important, Pakistan is going through economic stabilisation period but the missing part is the growth. She said the discussion taking place at the conference would enlighten them on the impetus needed to enhance productivity and growth. There is a need to boost productivity through access to markets and finance which will further ensure sustainable economic growth.

She expressed pleasure to see hospitality extended to them by the people of Pakistan. She was impressed by the wide range of participating stakeholders gathered at the roundtable conference.

Illangovan Patchamuthu, country director, The World Bank Group, said, “It is imperative for Pakistan to put in place appropriate policies and their robust implementation to address the critical challenge of high population growth rates.” Among these include investing more on girls’ education and increasing women’s participation in Pakistan’s workforce.