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LAHORE, Nov 20 (APP):SAARC Chamber of Commerce and Industry former President Iftikhar Ali Malik has said that viable results oriented prudent policies laced with good governance are crucial for building investor confidence and attracting foreign investments in diversified sectors of Pakistan.
In a statement issued here on Wednesday, he said in Pakistan, such policies can play a transformative role in achieving and maintaining economic stability. Good governance, characterized by transparency, accountability, and efficiency, creates an environment where investors feel secure and confident in the stability and predictability of their investments.
He said transparency in government operations is essential that must reflect clear and open communication about economic policies, regulatory changes, and financial health. By making information readily available and easily accessible, investors can make prompt decisions. Transparency reduces the risk of corruption and builds trust between the government and the business community, he added.
Iftikhar Malik said accountability mechanisms must be strengthened which includes establishing independent regulatory bodies to oversee financial markets, ensuring that laws and regulations are enforced fairly and consistently. By holding public officials and institutions accountable for their actions, the government can deter malfeasance and promote a culture of integrity. Investors are more likely to commit their resources when they believe that there are reliable safeguards against misuse and corruption,he added. He said the efficiency of bureaucratic processes needs significant improvement. Simplifying tax codes, reducing red tape, and enhancing the ease of doing business can make Pakistan a more attractive destination for both domestic and foreign investors.
Iftikhar Ali Malik said moreover , political stability and consistency in economic policies are fundamental. Frequent changes in policy direction can create uncertainty, deterring long-term investment. A stable political environment, with a clear and consistent economic strategy, reassures investors of the government’s commitment to economic growth and stability. Collaborative efforts can lead to the development and implementation of policies that foster a conducive investment climate, he concluded.