Red-tapism, lawlessness hurdles in attracting investment

Karachi: “Red-tapism, lawlessness and poor bureaucracy in Pakistan are some of the major hurdles in way of ensuring smooth flow of foreign investment from United States to Pakistan. Many Pakistanis have established flourishing businesses in United States and can also set up their businesses in Pakistan but these hurdles must be immediately removed to attract maximum US investors and create an enabling environment.”

Iqbal Sheikh, a successful Pakistani American businessman, gave these remarks during his visit to the Karachi Chamber of Commerce and Industry. President KCCI, A. Abdullah Zaki, Senior Vice President KCCI, Muffasar A. Malik; Vice President KCCI, Muhammad Idrees; Former President KCCI, Mian Abrar Ahmed and other Managing Committee members and senior members including Ateeq-ur-Rehman, Shehzad Mubeen, Zafar Saeed Baghpati, Agha Shahab Ahmed Khan, Mansoor Suleman, Pervez Ashfaque Dawawala and Qamar Raza were also present at the meeting.

Iqbal Sheikh further commented that there was a great demand for Pakistani products in the United States but Pakistani companies must concentrate on exporting high-quality products at competitive rates in order to capture sizeable share in the US markets. He also stressed the need for enhancing interaction between KCCI and other chambers of commerce in US via video and tele conferencing which will certainly open up new avenues of opportunities for Pakistan.

Highlighting the need for sending business delegations to US, he advised KCCI that these delegations’ visits should be notified to the concerned businessmen and trade associations in the United States at least six months prior to their arrival so that arrangements could accordingly be made to yield positive results.

Iqbal Shaikh informed the meeting that he has sponsored a Charlie-Wilson Chair in Pakistan Studies at the University of Texas in Austin by paying half-a-million dollars so that Pakistan could be well-recognized in the United States.

Speaking on the occasion, President KCCI, A. Abdullah Zaki requested Iqbal Sheikh, who is Chief Executive Officer of Cyber Tex Group of Companies USA, to support Pakistani businessmen in their quest for expanding exports to US by urging various chambers of commerce and industry in US to ink MoUs with KCCI for establishing joint chambers of commerce and Industry. “KCCI has so far inked more than 100 MoUs with many of its counterparts around the world whereas some Joint Chambers have also been established which provide a perfect platform for regular interaction”, he added.

Abdullah also appreciated Iqbal Sheikh’s cordial support to the members of a KCCI delegation during their visit to Austin where some of the best events and meetings were organized with leading US Senators and businessmen.

Speaking on the occasion, Senior Vice President KCCI, Muffasar A. Malik informed that Karachi Chamber is in the process of upgrading its IT infrastructure with a view to equip its workforce with latest technologies and reduce paperwork. “IT up-gradation will not only help in revitalizing KCCI’s day-to-day functioning and archives but will also prove to be an effective platform for holding video and teleconferencing for enhancing KCCI’s interaction with its counterparts all across the globe, particularly in the United States”, he added.