Businesses optimistic as army chief aims to boost economy.

Businesses optimistic as army chief aims to boost econ

The business community recently engaged in substantial discussions with the Chief of Army Staff (COAS), during which the COAS openly addressed their concerns and provided assurances of determined efforts to attract foreign investments and rejuvenate Pakistan's economy.

During an appearance on Geo News program 'Aaj Shahzeb Khanzada Kay Sath,' FPCCI President Irfan Iqbal Sheikh expressed his enthusiasm regarding the meeting with the army chief, characterizing it as a breath of fresh air. The business community had extensive interactions with the COAS, during which he communicated candidly.

Among the significant points highlighted was the discussion of a potential $25 billion investment from Saudi Arabia. This investment encompassed various sectors, including IT, minerals, agriculture, and defense. Notably, Mohammad Bin Salman committed to depositing $10 billion in the State Bank of Pakistan, to be returned in either Pakistani rupees or goods to bolster foreign exchange reserves.

Moreover, the COAS identified bureaucratic obstacles as a hindrance to investment and committed to their removal. A Special Force for Investment and Commerce (SFIC) was established to eliminate bureaucratic hurdles, ensuring that neither external interference nor legal challenges would impede their progress. Saudi Arabia and the UAE also pledged substantial investments, with Qatar and Kuwait following suit.

Addressing concerns over corruption, the COAS pledged to rein in land grabbing and extortion activities to combat corruption effectively. To facilitate this, four task forces are being established, focusing on the Federal Board of Revenue (FBR), border control, smuggling, and social media.

The COAS emphasized his commitment to eradicating corruption, instilling renewed hope in the business community, which had previously grown disillusioned. This commitment is seen as a pivotal step toward improving economic conditions in Pakistan.

Zubair Motiwala, Business Group Chairman, highlighted the importance of investment and urged attention to privatization. He underscored the wastage of Rs1,300 billion due to state-owned enterprises and acknowledged the political challenges associated with privatization. The COAS recognized these complexities and expressed determination to address the issue.

In the pursuit of economic revival, the COAS directed actions such as preventing Iranian diesel from entering Karachi, reclaiming encroached lands, and improving law and order. He also addressed the issue of Afghan refugees, stating that only 1.1 million registered refugees would be allowed to stay in Pakistan, while the rest must return to Afghanistan.

The COAS conveyed concerns expressed by Mohammad Bin Salman regarding corruption and bureaucracy in Pakistan. Discussions also revolved around the charter of the economy, with hopes that such significant investments would invigorate the country's economic landscape.

In conclusion, the engagements between the business community and the army chief reflect a renewed sense of optimism and commitment to reviving Pakistan's economy through substantial foreign investments and the removal of bureaucratic obstacles. These developments signal a potential turning point in Pakistan's economic trajectory, with the business community and the military leadership working in tandem to bring about positive change.