PM Shehbaz invites American banks for investment in key sectors

NEW YORK: Prime Minister Shehbaz Sharif on Friday invited American banks to invest in Pakistan’s key sectors of infrastructure, energy, technology, and agriculture, and assured of the government’s commitment to maintain a stable macro-economic environment to facilitate foreign investors.

The prime minister said this while talking to a delegation of prominent Pakistani American bankers on the sidelines of the 79th UN General Assembly. The delegation comprised high-ranking representatives from prestigious banks including JP Morgan, Natixis Corps & Investments, Sumitomo Mitsui Banking Corp, Goldman Sachs, Citizens Bank, Lazard, and Audax Group.

He informed the delegation about the key initiatives taken by the government to stabilize the economy and attract foreign investment to Pakistan, including broadening the tax base, enhancing the ease of doing business, and ongoing reforms in the state-owned enterprises.

These steps have resulted in improved economic indicators and the upgradation of Pakistan’s credit rating by international rating agencies, including Fitch and Moody’s. He also briefed the delegation on the establishment of a Sustainable Finance Framework, which will allow the Government to carry out a green/sustainability bond issuance in the international capital markets.

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Thanking the prime minister for the opportunity to interact with him, the delegation lauded the government’s policies that have been instrumental in achieving macroeconomic stability in Pakistan. The delegation also expressed a deep interest in cooperating with the government for the development of the manufacturing sector, especially SMEs to help bolster the exports. APP