PM Kakar vows to foster conducive environment for economic growth

KARACHI: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Thursday, reiterating the government’s commitment to providing a conducive environment and streamlining regulations, urged the local business community to take advantage of the Special Investment Facilitation Council (SIFC), ARY News reported.

The prime minister, addressing the ceremony for distribution of Pakistan Stock Exchange (PSX) Awards to top 25 companies of the country for the year 2022, said the caretaker government’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% in November to the historic 60,000-point mark, besides boosting investors’ confidence.

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

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

The prime minister, 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 emphasized 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 Economic Cooperation Organization (ECO), Caucasus, and the unexplored around 1.3 billion African population. He emphasized the need to prepare for $36 trillion trade activity expected to take place in China within 10-15 years.

He encouraged soul-searching and improvement of approaches to envision Pakistan as the economic power of the region.

PM Kakar said Pakistan, a 240 million nation with immense natural resources like four seasons, mountains, and others as well as the youth bulge was destined to rise.

The prime minister said the award ceremony to recognize outstanding companies was a testament to cooperation between the government and the corporate sector.

He congratulated award-winning companies on their extraordinary performance and said such ceremonies would create a culture of healthy competition to inspire more firms.