Islamabad:International Finance Cooperation (IFC) has expressed willingness to assist Pakistani companies in manufacturing, agribusiness and services.
A delegation of International Finance Cooperation (IFC), World Bank Group called on Mr. Razak Dawood, Advisor to Prime Minister on Commerce, Textile, Industries and Production, and Investment to deliberate upon the issues pertaining to manufacturing-cum-export sectors in order to revitalization of the economy of the country. The delegation was headed by Ms. Rana Karadshseh-Haddad, Regional Industry Director of Manufacturing, Agribusinesses & Services Asia and Pacific.
The Director apprised the Advisor to PM that Pakistan is the priority country for IFC projects in agribusinesses and services and IFC has undertaken various projects in this regard to attract investment in these areas. In this regard IFC is providing technical and financial advisory services to public and private sector by assisting local and foreign companies to venture into priority sectors.
The Advisor to PM highlighted that Pakistan has huge business potential in food processing, power, textile, leather and rice sector which has not been exploited optimally, so far, owing to lack of value addition in the production of same sectors. He emphasized to attract investment in aforementioned sectors and urged IFC to provide necessary assistance to public and private sector companies. Businessmen are very much interested to make investment in Pakistan owing to huge investment opportunities. He further informed that big companies (local and foreign) are interested to invest in different projects, pertaining to value addition like PepsiCO and Cargill has started to invest in food processing business in Pakistan.
Pakistan has launched a program titled Regulatory Guillotine to ease the business regulations. Through this program 2 to 3 regulations are removed every month to ease out the business activities, the Advisor highlighted. He also added that Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime.
Moreover, the Advisor informed the delegation regarding enormous investment opportunities in technology up gradation of whole value chain of textile sector as the textile manufacturers are using very old technology which is eroding their competitiveness in the global textile market. Further, Pakistan has taken a strategic decision by which we are going to increase share of renewable energy from 4% to at least 20% of total energy mix which offers massive investment opportunities in power sector, Advisor highlighted.
He urged IFC to aid Pakistan for better allocation and utilization of resources to uplift the economy of the country. The Director, IFC assured full cooperation and assistance to boost the value addition and production in the priority sectors as highlighted by the Advisor to PM.
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