Imran Khan opens gates for investors, businessmen

Islamabad: Pakistan Prime Minister Imran Khan has opened gates for investors and businessmen by introducing a new ordinance that provides protection.

Prime Minister Imran Khan said the government had promulgated an ordinance, insulating the businessmen from any action by the National Accountability Bureau (NAB).

“Our contention is that NAB’s job is to hold the scrutiny of public office-holders. For the scrutiny of businessmen, there are other institutions, including

the Federal Board of Revenue (FBR),” he said, and congratulated the business community on the development.

Speaking at the award distribution ceremony of Pakistan Stock Exchange (PSX) in Karachi on Friday evening, PM Khan said the traders and investors will turn

Pakistan into an economically strong and welfare state as envisioned by the country’s founding fathers.

Prime Minister Khan said 2020 will be the year of growth for Pakistan, with special focus on the tourism industry, especially considering that the country was recently named the top destination for travellers.

The premier said the need of the hour was to incentivise the industries, help the business community, and focus on the small and medium-sized businesses.

Last month, Chinese investors had expressed keen interest in pouring at least $2 billion into Pakistan’s stock market.

“Small Chinese stockbrokers having $52 billion in assets under management have shown interest in investing at least $2 billion in shares at the Pakistan Stock Exchange (PSX),” announced PSX Chairman Sulaiman S Mehdi has said.

PM Khan said his leadership would keep reminding people about the previous governments and their policies.

“People ask me why do I bash the past governments? It’s because we did not get a stable economy and our government is trying it’s best to overcome economic problems,” he added.

He said: “A crucial problem was that the current account was in deficit, foreign exchange reserves had depleted, there were no dollars, there were debts worth Rs10 billion to be repaid, and a serious risk of the country defaulting.”

The prime minister noted that he and his team discussed the economic issues and efforts with State Bank of Pakistan Governor Dr Reza Baqir and his adviser on commerce, textiles, industries, and investment, Abdul Razak Dawood, and talked about measures that would help the small and medium-sized businesses.

PM Imran Khan also spoke of tourism as one of the most rapidly-growing industry, noting that it had “improved at a remarkable rate”.

He stressed again that his government would try to create jobs through this sector and that it would help Pakistan in providing employment to its people. “It will also play a role in bumping up our foreign reserves as foreign exchange is a given if tourism increases.

Prime Minister Imran Khan later distributed awards among 46 companies that made it to the Pakistan Stock Exchange Top-25 ranking in the years 2016, 2017 and 2018.

Fauji Fertilizer Company, Arif Habib, Atlas Honda, Archroma Pakistan, Colgate-Palmolive Pakistan and United Bank Ltd were the six top most companies that made it to the Top-25 in all the three years.

The PSE Top 25 Companies Awards Ceremony was held at the Governor’s House. Among all others, 17 companies stood out during two of the three years. They were Al-Ghazi Tractors, Millat Tractors, Lucky Cement, International Industries and International Steels, Engro Fertilizers, The Hub Power Company, Security Papers, Indus Motor Company, MCB Bank, Pakistan International Container Terminal, Nestle Pakistan, Habib Bank, Shifa International Hospital, Meezan Bank, Atlas Battery and Bank Al-Habib.

In all, 23 companies bagged the award for being on the top in one of the three years which were evaluated. The companies were Murree Brewery Company, Engro Corpora­tion, Dawood Hercules Corporation, IGI Hol­dings, Pakistan Oilfields, Gadoon Textile Mills, Biafo Industries, ICI Pakistan, Attock Petroleum, Unilever Pakistan Foods, Golden Arrow Selected Stocks Fund, Sui Northern Gas Pipelines, Kohinoor Energy, Kohinoor Tex­tile Mills, Mari Petroleum Company, Cre­scent Steel and Allied Products, JDW Sugar Mills, Habib Metropolitan Bank, Cherat Packaging, Ferozsons Laboratories, Allied Bank, Rafhan Maize Products Company and Jubilee Life Insurance Company.