Lahore: The Federal Minister for Investment and Chairman of the Board of Investment (BOI), Qaiser Ahmed Sheikh, emphasized the need for significant reforms to boost both domestic and foreign investment in Pakistan. Speaking at the Lahore Chamber of Commerce and Industry, Sheikh highlighted the challenges faced by the private sector and underscored the importance of eliminating bureaucratic hurdles to facilitate business growth.

During his address, Sheikh pointed out the stark differences between Pakistan and China’s economic progress over the years, noting China's significant export growth compared to Pakistan's. He stressed the need for visionary reforms to unlock Pakistan's potential and emphasized the role of Special Economic Zones, which offer benefits such as zero-duty on imported machinery and a decade-long income tax exemption.

LCCI President Mian Abuzar Shad welcomed the minister's efforts and acknowledged the BOI's role in promoting investment. He shared promising economic indicators, including a decline in inflation and an increase in foreign exchange reserves and remittances. Despite these positive signs, Shad expressed concern over the low investment-to-GDP ratio and the inadequate contribution of private investment to sustainable growth.

Shad urged the BOI to target sectors like hydropower and renewable energy for investment. He highlighted the need for technology transfer in Pakistan's mineral-rich sectors as a priority for economic development.

LCCI Vice President Shahid Nazir Chaudhry addressed the necessity for investment in local manufacturing, particularly solar panels, and highlighted challenges such as currency depreciation and high gas tariffs. He called for government support in providing affordable electricity, gas, and concessional loans to industries and encouraged Chinese investment in Pakistan's Special Economic Zones.

The discussions underscored the pressing need for reforms and strategic investments to revitalize Pakistan's economic landscape and attract more investors.