Federal Minister for Board of Investment Qaiser Ahmed Sheikh says Pakistan’s foreign exchange reserves have reached around $18 billion, providing import cover for approximately three months.
ISLAMABAD: Federal Minister for Board of Investment (BOI) Qaiser Ahmed Sheikh on Wednesday said Pakistan’s foreign exchange reserves had reached around $18 billion, providing cover for approximately three months of imports.
The minister said improvements in Pakistan’s sovereign credit ratings reflected progress in economic management and efforts to facilitate businesses.
Addressing an event, Qaiser said the government was taking measures to simplify business regulations, attract local and foreign investment, strengthen domestic industry and promote value-added exports.
He said a Business Facilitation Centre had been established, while the government was working with foreign experts, including those from the United States, to streamline regulatory procedures.
Relevant institutions were also being consulted to develop consensus on reforms and ensure their effective implementation, he added.
Government seeks to improve business environment
Qaiser acknowledged that Pakistan had lagged behind other countries in simplifying regulatory procedures but said the government was now making concerted efforts to improve the business environment.
He said incentives such as duty-free or zero-rated machinery, where applicable, were intended to make domestic industries more competitive and encourage export-oriented production.
The BOI minister pointed to the experience of Southeast Asian economies, where domestic and foreign investment had played a significant role in expanding value-added exports.
Pakistan’s economic zones, he said, offered opportunities for establishing new industries, particularly for overseas Pakistanis and foreign investors.
Qaiser said investment initiatives were also being pursued in coordination with the International Monetary Fund (IMF), while some projects offered tax incentives to encourage investment.
Iran-US tensions raise economic concerns
Discussing regional developments, Qaiser said the ongoing Iran-US conflict was creating economic challenges for Pakistan, particularly because of higher oil prices and energy costs.
He said Pakistan maintained relations with both countries and could play a role in facilitating dialogue. Islamabad, he added, supported diplomatic efforts to resolve the dispute.
Recalling Pakistan’s previous role in facilitating contacts between the United States and China, the minister stressed the importance of continued diplomacy for regional peace and global economic stability.
He also appreciated the military leadership’s support for diplomatic initiatives, saying coordinated efforts were important to address regional challenges.
The minister’s remarks come as Pakistan continues to focus on improving macroeconomic stability, strengthening investor confidence and attracting capital to expand productive capacity and exports.