Karachi, August 12, 2024: In a significant boost to international economic presence of Pakistan, Federal Minister for Commerce Jam Kamal Khan announced on Sunday that 800 companies from 70 countries are set to invest in the country. This influx is anticipated to enhance Pakistan’s stature in global markets, according to a press release issued by the ministry.
Minister Jam Kamal Khan, alongside Federal Minister for Board of Investment, Privatization, and Communications Abdul Aleem Khan, made the announcement at the 9th Pakistan Footwear Manufacturers Association Show. The ministers emphasized that the current government is dedicated to increasing investment, and these new entries from international companies signal a promising shift.
During their addresses, the ministers highlighted the ongoing improvements in the investment climate and the encouraging news of significant foreign participation. Jam Kamal Khan noted that addressing the energy crisis and improving ease of doing business, including resolving issues with the Federal Board of Revenue (FBR), are crucial for fostering commercial activities.
Abdul Aleem Khan added that the recent participation of over 800 investors in a Karachi conference is a testament to the positive results emerging from the government’s efforts. He encouraged Pakistani companies to effectively market their products internationally and adhere to competitive standards and modern trends. He also mentioned that mutual investments between Pakistani and Chinese firms have already begun, with ample opportunities for exporting leather, footwear, and sports goods. The Board of Investment is committed to facilitating these ventures.
The ministers inspected various products at the Footwear Manufacturers Association Show, where they were impressed by the quality and standards of Pakistani products. The event saw the participation of 25 prominent Pakistani and Chinese companies. During the visit, the China Association extended an invitation for the federal ministers to visit China to further strengthen bilateral ties.
In a B2B meeting between Chinese and Pakistani companies, both ministers noted the benefits of the recent Prime Minister-led visit to China and highlighted the increased number of Commercial and Trade Officers at the Pakistani Embassy in China, which now totals 20. This move aims to enhance trade activities between the two nations.
Additionally, Abdul Aleem Khan addressed media queries, providing updates on the ongoing privatization of Pakistan International Airlines (PIA). He revealed that six companies have been shortlisted for PIA’s privatization, with a target date of October 1 for the process. This move is expected to save the government from a 100 billion PKR loss and provide citizens with a higher standard airline service. The minister reiterated that state-owned enterprises suffering deficits will be privatized, emphasizing that business should be handled by private entities rather than the government.
