Pakistan, with its growing economy and increasing internet penetration, offers a fertile ground for entrepreneurs looking to start their own businesses. The steps taken recently by the Government to improve the ease of doing business are attracting both the local and multinational companies and it looks like the Invest PK brand is talk of the town.
Before discussing different options let’s find out where we stand and what is going on in the market as they say in the Stock market the market pulse as it seems to be Bullish and the right time to step in as Pakistan is on the verge of Takeoff, let’s all play our part to be part of it.
I am jotting down some pointers below that have already been achieved in the last fiscal year 2023/2024 and broadly covered by the local Business Newspapers like Business Recorder, Pakistan Observer epaper and Pakistan Business news:
- IT industry exports revenue grew by 0ver 30% and become one of the top profitable business in Pakistan
- Reforms to allocate 300 MHz spectrum to double the capacity of the telecom infrastructure in Pakistan; allocated frequency to introduce 5G in Pakistan.This will improved the ease of doing business in Pakistan
- Initial groundwork completed to establish 10,000 E-Rozgar centers for freelancers.This will continuously support the multinational companies with quality workforce.
- To bridge the gap of skilled professionals in one of the most profitable business sectors in Pakistan’s I.T sector initiated to train 20,000 software developers as per global standards.
- Improving the ease of doing business by establishing a Telecom Tribunal to expedite dispute resolution for the telecom industry.
- MoU to establish PayPal in Pakistan. A silver lining achievement in the Pakistani economy news.
- Introduced Pakistan Startup Fund to attract foreign venture capital for Pakistani startup aspirants. This will help to bring the local and multinational companies closer to each other in Pakistan.
- Policy lay out for Pakistan’s first Space Policy to prepare for services like Star link to be introduced in Pakistan.
- Initiated Pakistan’s first national fiberization policy to lay 200,000 KM fiber in Pakistan.
- Incentives offered for local manufacturing and exports of smartphones from Pakistan.
- Converted Pakistan’s fiber network into a digital corridor to connect China with Africa and Europe.
- Allocated a budget of Pak Rs 15 billion to build critical infrastructure for Pakistan’s cyber security.
Whether you’re interested in online ventures or traditional brick-and-mortar establishments keeping in mind what we have achieved above, especially in the fiscal year 2023/2024 this clearly sets the trend and indicates the seriousness of the Government especially after the formation of the SIFC (Special Investment Facilitation Council).
This forum consists of the policy makers Big Wigs of both the state and the Government of Pakistan combinedly monitoring the ease of doing business and overall investment environment (Invest PK brand) in the most profitable business sectors carefully earmarked in Pakistan ready for Direct Foreign Investment opportunities by friendly countries are as follows:
- Mining and Minerals
- Energy
- Agriculture
- Livestock
- Information Technology
- Defense Production
In the coming blogs, I will try to shed some more light on all the sectors that are coming under the ambit of SIFC to give a better idea and offer a starting point for every sector and other Pakistan economy news.
There is a sense of joy prevailing at the moment in the Pakistani financial markets as the Stock Exchange i.eThe barometer of the economy is reacting positively. It recently crossed the highest ever limit of 60,000 points and is still trending positively.
Moody’s has improved our overall ratings, and the IMF is ready to negotiate for another term of around $8 billion or more loan for a 3-year term.
After the elections and formation of the new Government all the international stakeholders are reacting positively, as the Biden Administration, MBS of KSA, Mr. Xi of China, Mr. Putin of Russia have greeted the new premiere and Malaysia, India and the European community have all expressed well wishes.
The most encouraging part is that China has even expressed its firm commitment to enhance the CPEC project to an upgraded facility where we hope that the investment may increase from $100 billion to around $200 billion.
Beside the pledges of hefty investments from China we are also eyeing similar pledges from KSA, UAE, Qatar and Kuwait are willing to invest another $100 billion in projects like Mining, Energy, Agriculture, and IT sectors. Türkiye and Iran are also willing to play their part in expanding business with us which sounds promising. If we manage to secure all this in reality, trust me the SIFC is going to prove as a big Bang for Pakistan in sha Allah.
Now we need to keep our fingers crossed to achieve Political stability in the country to provide a conducive environment to make this all happen. For which we need to be vigilant and not to be part of any undue propaganda at any political front, so the nation does not fall prey to the negative activities and conspiracy theories spreading on the social media by anti-state factors.
We as a nation have to stand united and be quick to identify the role of the political parties who are acting for their petty political gains as this may derail the whole process, we have to understand that this may be our last chance to change our fate. Good Luck!!!
