World Bank to assist Pak firms in manufacturing, agribusiness

ISLAMABAD: World Bank is ready for providing technical and financial advisory services to public and private sector by assisting local and foreign companies to venture into priority sectors of manufacturing and agribusiness in Pakistan.

A delegation of International Finance Cooperation (IFC), World Bank Group called on Adviser to Prime Minister on Commerce, Textile, Industries and Production, and Investment Razak Dawood, to deliberate upon the issues pertaining to manufacturing-cum-export sectors in order to revitalization of economy of the country, said a press release issued by Ministry of Commerce here on Friday.

The delegation was headed by Regional Industry Director of Manufacturing, Agribusinesses and Services Asia and Pacific Ms. Rana Karadshseh-Haddad,

She apprised the Adviser to PM that Pakistan is the priority country for IFC projects in agribusinesses and services and IFC has undertaken various projects in this regard to attract investment in these areas.

The Adviser highlighted that Pakistan has huge business potential in food processing, power, textile, leather and rice sector which has not been exploited optimally, so far, owing to lack of value addition in the production of same sectors. He emphasized to attract investment in aforementioned sectors and urged IFC to provide necessary assistance to public and private sector companies.

Razak said that businessmen are very much interested to make investment in Pakistan owing to huge investment opportunities.

He further informed that big companies, both local and foreign, are interested to invest in different projects, pertaining to value addition like PepsiCO and Cargill has started to invest in food processing business in Pakistan.

Pakistan has launched a program titled Regulatory Guillotine to ease the business regulations. Through this program 2 to 3 regulations are removed every month to ease out the business activities, the Adviser highlighted. He also added that Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime.

Moreover, the Adviser informed the delegation regarding enormous investment opportunities in technology up gradation of whole value chain of textile sector as the textile manufacturers are using very old technology which is eroding their competitiveness in the global textile market. Further, Pakistan has taken a strategic decision by which we are going to increase share of renewable energy from 4 percent to at least 20 percent of total energy mix which offers massive investment opportunities in power sector, the Adviser highlighted. He urged IFC to aid Pakistan for better allocation and utilization of resources to uplift the economy of the country.

The Director, IFC assured full cooperation and assistance to boost the value addition and production in the priority sectors as highlighted by the Adviser to PM.