Pakistan’s private sector needs to make serious efforts to attract significant investment from G-7 countries to meet their infrastructure needs, in addition to bringing home manufacturing companies that leave China.
This was stated by the coordinator of the Federal Tax Ombudsman Meher Kashif Meher, while addressing a keynote speaker at a seminar here on the “New World Economic Order” organized under the aegis of the Gold Ring Economic Forum (GREG), says a press release.
He said the United States had announced the launch of the Partnership for Global Infrastructure and Investment (PGII) with seed capital of $600 billion in collaboration with other G-7 countries, including the Canada, France, Germany, Italy, Japan and the United Kingdom.
He said the program is entirely geared towards meeting the infrastructure needs of developing countries, so Pakistan’s private sector must take advantage of it in time.
He pointed out that some small-scale products such as solar power projects in Angola, a vaccine manufacturing plant in Senegal and a $30 million investment in India to increase food security and promote climate adaptation have been announced.
He said political turmoil, outdated taxation, regulatory and legal frameworks are major factors in the inability to attract foreign investment, which he added should be rectified as a matter of priority in line with international business transactions. .
He stressed the need to devise a viable strategy to attract Chinese manufacturing companies to Pakistan which are now rapidly moving to Vietnam due to domestic political issues.
Meher Kashif Younis said on the other hand that China has made its structural economic change through self-sufficiency and domestic consumption instead of relying on exports and foreign aid.—APP