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ISLAMABAD, Nov 23 (APP): Chairman Pakistan Hitech Hybrid Seed Association (PHHSA) Shahzad Ali Malik on Thursday said the strategic focus on attracting Foreign Direct Investment (FDI) held the promise of sustainable, long-term economic growth for Pakistan.
Talking to a delegation of leading industrialists and entrepreneurs, he said it was an investment for our future that went beyond immediate financial gains, creating a foundation for prosperity and resilience, said a news release here.
He said the benefits of FDI extended beyond the financial realm. It signified a vote of confidence from the international community, showcasing Pakistan as an attractive destination for business and investment, he added.
He said this positive image not only attracted more foreign capital but also fostered partnerships that went beyond mere financial transactions.
It established a collaborative environment that could lead to the transfer of skills, technology, and best practices to accelerate the nation’s development, he added.
FDI encouraged economic diversification, a key component of sustainable growth, he said, adding by attracting investments across various sectors, reduced the country’s reliance on a narrow range of industries, mitigating the impact of global economic fluctuations.
He said this diversification enhanced the resilience of the economy, providing a buffer against unforeseen challenges.
Shahzad Ali Malik pointed out that loans provided immediate financial relief, adding they often come with the burden of repayment, including hefty interest rates.
This cycle of debt could stifle economic progress, diverting substantial portions of the budget towards servicing loans rather than investing in crucial development initiatives. In contrast, attracting FDI brought about a more enduring solution,he added.
He said Foreign investors, drawn by the potential for profit, contribute not only capital but also valuable expertise, technology, and management practices.
This influx can catalyze the growth of local industries, fostering innovation and creating a ripple effect of job opportunities throughout the economy.