KARACHI – President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, FPCCI’s Businessmen Panel Sr. Vice Chairman, and former provincial minister Mian Zahid Hussain on Friday said the rational price of electricity and gas is vital to attract local and foreign investment.
He said that there is an uptick in exports but a lot is to be done to improve the confidence of business community and the masses.
Mian Zahid Hussain said that many businesses are still reeling due to uncertainty, supply chain disruption and other problems which have reduced production and profits.
Talking to the business community, the veteran business leader said that the uncertainty caused by the virus is being augmented by political and economic instability which has reduced investment.
The former minister noted that many countries are moving towards protectionism and frequent changes in trade policies that are keeping investors away.
Different countries attracted foreign investment to the tune of $1.5 trillion during 2019 but its falling since then and last year around 40 percent reduction has been witnessed.
The fall in FDI is hitting developing countries which were already suffering from reduced remittances, dried investment, and falling exports, he said, adding that privatization has been stalled while many countries are struggling to keep their current accounts balanced to avoid bankruptcy.
He said that foreign businessmen are not in investment mood, therefore, the government should delay privatization of Steel Mills and other bleeding enterprises and focus on reforms as well as the improvement of laws.
He said that the government should do something about uncontrollable mafias, ensure political and economic stability, rules, and regulations should be improved, regulators should be made effective and make certain continuity in important policies.
The energy prices should be in line with the international and regional countries to boost production and exports, he said.
