Byline: Khalil Ahmed
The news that Pakistan is among the 'Top 20 Improvers in Doing Business 2020' dominated the headlines over the preceding week bringing revitalization to the hitherto sagging economy. It would transpire over the period of a couple of years from now that how much beneficiary the economy of Pakistan would become in the wake of this status bestowed upon Pakistan by World Bank. It would be stunning to see Pakistan among the foremost foreign direct investment (FDI) attracting countries such as China, Hong Kong, India, Indonesia, Vietnam, Malaysia etc. China is at the pinnacle of inward FDI making it to around $136 billion whereas the emerging Vietnam attracts $14 billion which may be replicated by the policy makers to ensure Pakistan hefty FDI to address its long-standing escalating unemployment and dwindling exports.
Vietnam attracts FDI promoting its stable politics, open society, strongly improved infrastructure, high and stable economic growth, competitive production cost, abundant human resource, potential market, global economic integration and strategic location. Vietnam receives FDI in manufacturing and processing industry, real estate business, production and distribution of electricity, gas and water, lodging and restaurant, construction, wholesale, retail, repairing services for automobile, motorcycle and other motor vehicles, mining, logistic and warehouse, education and training, arts, entertainment etc. The foremost magnetic destinations of the foreign investors are Singapore, Switzerland, Germany, Canada, the United Kingdom, France, China, Japan, and Australia besides a deluge of other countries, which are deemed lucrative by the investors. Pakistan seems to be making its way to the countries which are on the radar of the investors.
Hard work pays off. The Board of Investment (BoI) with the espousal of the provincial governments particularly Sindh and Punjab launched the '100 Days - Sprint-III' to 'Doing Business Reforms Plan' a year ago, to be precise, to ensure facilitation in doing business. The endeavors have paid off. Hats off to those whose brainchild has worked out to underpin the economy in short and long term. Pakistan's current ranking of 136 out of 190 on the Ease of Doing Business Index would certainly revitalize the economy provided that the policy makers...