KARACHI: Reiterating the government’s commitment to providing a conducive environment and streamlining regulations, Caretaker Prime Minister Anwaarul Haq Kakar on Thursday urged the business community to take advantage of the Special Investment Facilitation Council (SIFC).

Addressing a ceremony for the distribution of Pakistan Stock Exchange (PSX) Awards to the top 25 companies for 2022, Mr Kakar said the interim set-up’s ultimate goal was to provide a blueprint for the next government. He said the government had sought help from the Pakistan Army to facilitate the business environment through the SIFC forum.

He told the gathering that the measures taken by the government, including the crackdown on smuggling, illicit foreign currency trade and power theft, had yielded results, triggering market sentiments and propelling the Pakistan Stock Exchange by 33 per cent in November to the historic 64,000 plus, besides boosting investors’ confidence.

Kakar asks business community to take advantage of SIFC

Welcoming the private sector to invest and take advantage of the government’s measures, he called for building and rebranding Pakistan.

He said the privatisation process was underway that would also have positive impacts on the economy.

Mr Kakar, who also distributed awards among the top 25 companies, said the PSX mirrored the vibrancy of the corporate sector and highlighted the symbiotic relations between the government’s policies and the prosperity of the businesses.

He emphasised the inherent responsibility of Corporate Social Responsibility (CSR), urging businesses to adopt it as a moral obligation rather than mere rhetoric. He also urged business leaders to embrace digital evolution and collaborate with higher education institutions.

Prime Minister Kakar urged the corporate sector to explore opportunities in regions like the Economic Cooperation Organisation (ECO), Caucasus, and the unexplored around 1.3 billion African population.

Caretaker Finance Minister and PSX Chairperson Dr Shamshad Akhtar expressed the synergies between the Pakistan Stock Exchange and her professional journey.

Emphasising the visible potential of the PSX, with a noteworthy gain in the last quarter of 2023, she highlighted the government’s collaborative efforts that enabled the swift stabilisation of the economy within a short period.

She stressed the need to harness the underlying potential of the PSX further and pledged the government’s commitment to sow the seeds for future growth.

She hinted at significant progress in the restructuring of the Federal Board of Revenue (FBR), assuring that tangible results would be evident before the departure of the interim government.

The finance minister highlighted the government’s commitment to facilitating businesses and said the PSX had made substantial inroads into Islamic finance which also got recognition from the market.

Published in Dawn, December 8th, 2023