ISLAMABAD: The American Business Council of Pakistan (ABC) on Wednesday met with top members of the government’s economic team to discuss various measures for ease of doing business, encourage foreign direct investment (FDI), and boost economic growth.
The delegation led by ABC president Jamshed Safdar held separate meetings with Commerce Minister Naveed Qamar, Minister of State for Revenue Tariq Pasha and SAMP on Revenue Tariq Bajwa, and Securities & Exchange Commission of Pakistan (SECP) chairman Akif Saeed.
During the meetings, the ABC delegation discussed the ease of doing business, the standardisation of taxation and revenue policy, and the protection of international investors and their local interests to ensure continued economic growth.
The delegation emphasised the importance of better engagement with the government to achieve mutual goals and interests. The delegation urged to standardise revenue policy to ensure a uniform business landscape.
“We are committed to working with Pakistan to enhance economic growth and promote foreign investment. We are confident that our partnership will continue to bear fruit in the future” said Mr Safdar.
The members of the ABC delegation also presented several sector-specific recommendations to the government leaders on how to create economic resilience in a post-flood economy through partnership.
They also emphasised the scale of environmental, social and governance-centric activities carried out by American companies in Pakistan. In 2022 alone, these companies have spent Rs1.6 billion on projects that cumulatively support 8.7 million patients and distribute 12.5m meals to those in need, among other initiatives.
The meeting between the ABC and Pakistani government officials was a positive step towards creating a stronger partnership between the public and private sectors.
The ABC seeks continued collaboration with the government to create a more vibrant and prosperous economy for all Pakistanis.
This coalition of leading multinationals of American companies is a substantive development partner for Pakistan.
They employ 75,000 people directly and millions along their supply chains, while also providing globally relevant technological advancements across sectors. The network’s capital investment in the last three years stands at Rs57bn, with a contribution to the national exchequer of Rs159bn in 2022.
Published in Dawn, May 18th, 2023