Ahsan Iqbal calls for attracting investment instead of assistance

ISLAMABAD: Minister of Planning and Development, Ahsan Iqbal Chaudhary, suggests to attract foreign investment instead of seeking financial assistance from friendly countries, ARY News reported on Wednesday.

While addressing a ceremony, the Minister of Planning and Development, Ahsan Iqbal Chaudhary, suggests to attract foreign investment instead of seeking financial assistance from friendly countries. He emphasized that the government need to improve the security conditions to attract foreign investment.

He stated that Pakistan can attract substantial investment from the Middle East as Pakistan possesses the world’s cheapest human resources and can collaborate with the Middle East in the fields of Information Technology (IT) and green energy.

READ: Foreign investment dropped by 26.1% in July-August – Finance ministry report

Ahsan emphasized that although Pakistan has tourism opportunities but there is a lack of international-level infrastructure.

He maintained that Pakistan embarked on an astonishing journey, between 2013 and 2018, by establishing new electricity projects generating 9,000 megawatts on areas with 16 hours of loadsheding.

Ahsan Iqbal mentioned that the Middle East is also Pakistan’s strategic economic partner and comprises fundamental markets that hold significance in terms of gravitational importance.

The first center is China, which is Pakistan’s strategic partner, followed by the European Union, where a considerable number of Pakistanis reside, making it a hub for us. The third partner is the United States, and the fourth is the Gulf Cooperation Council (GCC) countries.

The federal minister stated that the strategic landscape of the Middle East is rapidly changing and is moving closer to China.

Regarding Saudi Arabia and Iran’s relations, Ahsan highlighted that Saudi Arabia’s inclusion in the Shanghai Cooperation Organization (SCO) is a significant development.

He said that China played an importance role to maintain peace between Saudi Arabia and Iran. The entire region is undergoing economic changes alongside political transformations.