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PBIT, WB discuss potential of investment in Pakistan


Lahore -  The Punjab Board of Investment and Trade (PBIT) in association with World Bank (WB) has lined up another investment conference to seek ways of exploiting potential of the investment in Pakistan.

PBIT Chief Executive Officer Haroon Shaukat, PBIT DG Muhammad Mudassar Tipu, WB Consultant Marcos Griffin, LCCI President Abdul Basit, Ernest and Young Consultant Areeb Pasha and a large number of private sector representatives attended the consultative session.

The PBIT CEO said, “In our quest to unlock the country’s potential, we are bringing in local and international investors for one-on-one consultations with local businesspeople. This approach is effective in addressing business and investment challenges in country’s economy.”

He further said that Punjab Growth Strategy sets a target of doubling Punjab’s GDP growth rate by 2018 (from 3.5 to 7.0 percent) to absorb the one million people entering the workforce every year. PBIT is proudly contributing to the achievement of national development goals such as job creation, sector development, technology transfer, skill development, and market connectivity, he added.

He said the implementation of a sound, impact-oriented, stakeholder-informed strategy is important to an IPA’s effectiveness. The strategy aims to develop framework that stimulates private sector investments as a sustainable process for growth, he added.

He mentioned that Punjab is a model province in Pakistan, compared to other provinces Punjab has starting offering Mass Transit system for the common man, proper waste management of metropolitan cities and safe city concept (under implementation in Lahore). He emphasized that the Punjab government is focusing on value addition within the textile and agro industries of the province.

WB Consultant Marcos Griffin applauded the efforts being taken by the Pakistan government to carryout welfare projects and increasing tax collection base. He insisted it was a step in the right direction. He also stressed that the government should focus on improving exports. He mentioned that policies to increase export of various industries should be one of the key focus areas of the government.

It was also emphasized that the government should explore, setup and expand different branches of chamber of commerce in different countries to help boost exports. IT sector should be promoted internationally by the government to bring in foreign revenue, he suggested.

Source: The Nation