Islamabad, July 11, (APP): The World Economic Forum (WEF) President, H.E. Mr. Borge Brende called on Advisor to Prime Minister on Commerce, Industries & Production, Textile and Investment, Abdul Razak Dawood to discuss areas of mutual interest relating to trade and investments in Pakistan.
The WEF Head discussed the changing global trade and economic landscape and opportunities for Pakistan.
He urged the Pakistan to take advantage of global renewable energy trends and attract investment in renewable. He further elaborated that generation of renewable energy is more cost effective and environment friendly which provides new window of opportunity for the investment in Pakistan.
The Advisor to PM emphasized that Pakistan has taken a strategic decision to increase share of renewables in the country’s energy mix which offers massive investment opportunities to investors.
The current government is focusing on providing affordable energy especially for industry. Further, he apprised that Special Economic Zones (SEZs) provide incentives to investors by allowing duty free import of machinery besides tax holidays for ten years and urged the companies to make investment in these zones to get better returns on their investments.
Moreover, Pakistan has launched a program named Regulatory Guillotine to ease the business regulations. The programme will focus on mapping of the existing business regulations, assessing their need, weeding out the unnecessary and digitalization of the required regulation notifications.
He also added that Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime through the introduction of single window facility for the traders.
The WEF President appreciated the policy direction of the current government especially for expansion of industrial base. With the assistance of International Partners Pakistan is focusing on the development of human capital by investing in skills development of youth especially through vocational trainings and skill development programmes.
The World economic Forum (WEF) assured its support for the implementation of Pakistan’s development agenda and provide required technical support.