STAFF REPORTER
ISLAMABAD: Muhammad Azfar Ahsan, Founder & CEO of Nutshell Group and former Minister of State & Chairman of the Board of Investment (BoI), addressed a seminar titled “Developments in the Middle East: Lessons and Opportunities for Pakistan.” The event, jointly organized by the Islamabad Policy Research Institute (IPRI) and WE News, took place at a local hotel.
Azfar emphasized the importance of collaboration and continuity at all levels for Pakistan to replicate the success of economies in Saudi Arabia, UAE, and Qatar. He stressed the need to address internal issues to attract foreign direct investment (FDI) and projected the potential to draw around USD 25 billion of FDI in the next 8-10 years with consistent policies and collective efforts.
Highlighting the significance of meritocracy and competence, Azfar cited Riyadh and Qatar as examples of fast-progressing economies where these factors played a crucial role. He advocated for appointing competent individuals and removing non-performers to drive progress.
Azfar identified the lack of cohesion and coordination among stakeholders as a major challenge for Pakistan. He underscored the need for business engagements based on mutual benefit, moving away from relying solely on friendships and personal relationships.
Calling for a major overhaul, Azfar stated that Pakistan must address its current system and policies to compete globally. He expressed optimism that Pakistan can overcome these challenges and urged the elite to prioritize the country’s interests.
Azfar emphasized the importance of creating an enabling environment for Saudi investors, suggesting the identification of sectors requiring investment and facilitating foreign investors. He proposed focusing on attracting annual investments from Saudi Arabia, Qatar, and the UAE rather than relying heavily on loans and subsidies.
Recognizing the visionary efforts of Crown Prince Muhammad Bin Salman and Saudi Arabia’s Vision 2030, Azfar credited their planning for transforming Riyadh into an investment hub. He highlighted increased workforce participation by women and the enhanced efficiency of Saudi ministries and government, attributing these successes to Muhammad Bin Salman.
In conclusion, Azfar highlighted significant investment opportunities for Pakistan, with Saudi investors showing willingness to invest in eight sectors. As the Chairman of BoI, he took responsibility for developing strategies to foster collaboration between Pakistan and Saudi Arabia in government-to-government, government-to-business, and business-to-business investments.
Azfar expressed concern over political polarization in Pakistan and emphasized the need for sustainable and investor-friendly policy frameworks, along with a collaborative approach, to overcome the country’s average performance and drive positive change.
