The Imran Khan Government’s intent to enhance Pakistan’s ease of doing business ranking is a step in the right direction but Islamabad needs a radical reorientation in facilitating foreign investment, a Pakistani-American investor says.
“First of all, the Board of Investment must bring much needed transparency to its working, which means there should be zero tolerance for any delay in inflow of new investments,” Mossadaq Chughtai, who has invested in agricultural and high-tech areas, said.
The BoI officials need to be trained and exposed to best practices in the world for a one-window facility for investors, he said while commenting on the latest government effort to facilitate foreign investment.
“The government should iron out any obstacles in the way of investment, reward performers and hold incompetent officials to account,” said Mossadaq Chughtai, who co-founded the Pakistani-American Caucus on Capitol Hill, and also led a think tank in Washington D.C.
Currently, Chughtai says, Pakistan’s Ease of Doing Business ranking (136th out of 190 countries) is low and do not inspire confidence in foreign investors despite the fact that the country has immense potential in wide-ranging areas of economy.
“Even in South Asia we are far behind India, which is ranked 77th.”
Mossadaq Chughtai
Prime Minister Imran Khan, has done well by recognizing the EoDB as a catalyst to invite investment and boost exports.
The BoI, that has been designated as the Secretariat of Steering Committee on Doing Business Reforms, should strive for best possible results within a deadline and not just set long-term targets, he said.
“The entire process of business registration and issuance of licenses and permits and collection of taxes and fees by various departments should be made efficient and completed within a set time-frame.
At the same time, Chughtai said, the Government needs to do away with impediments like investors obtaining a No-Objection Certificate from it.
Another key step should be to work with the U.S. government to improve travel advisories.
“The BoI is itself riddled with incompetence, and laid-back mindset as it is no longer a one-window operation to facilitate and mobilize investments in Pakistan.”
“We need to make this organization more effective like InvestMalaysia and InvestIndia,” Chughtai noted.
