WB to assist manufacturing, agribusiness companies
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ISLAMABAD: The World Bank is ready for providing technical and financial advisory services to public and private sector by assisting local and foreign companies to venture into priority sectors of manufacturing and agribusiness in Pakistan.
A delegation of International Finance Cooperation (IFC), a member of World Bank Group, called on Commerce and Investment Adviser Razak Dawood to deliberate upon the issues pertaining to manufacturing-cum-export sectors in order to revitalisation of economy of the country, said a press release on Friday.
“Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime,” Razak observed.
Razak highlighted huge business potential in food processing, power, textile, leather and rice sector. He emphasised to attract investment in these sectors and urged IFC to provide necessary assistance to public and private sector companies.
He informed the delegation that big companies, both 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 programme titled Regulatory Guillotine to remove two to three regulations every month to ease out the business activities, the adviser added .
Moreover, the adviser also informed the delegation about enormous investment opportunities in technology upgradation of whole value-chain of textile sector as the textile manufacturers are using very old technology which is eroding their competitiveness in the global market.
Further, Pakistan has taken a strategic decision to increase share of renewable energy from four per cent to at least 20pc of total energy-mix which offers massive investment opportunities in power sector, the said.
The IFC team headed by Regional Industry Director of Manufacturing, Agribusinesses and Services Asia and Pacific Ms Rana Karadshseh-Haddad apprised the adviser that Pakistan is the priority country for projects in agribusinesses and services and the IFC has undertaken various projects in this regard to attract investment in these areas.
Published in Dawn, August 31st, 2019
