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WASHINGTON: A meeting with the finance minister gave Pakistani-American entrepreneurs a chance to highlight systemic and legislative challenges, which have exacerbated their costs of doing business in Pakistan.
Muhammad Aurangzeb met the businesspersons over the weekend, at an event organised by Paklaunch, at Pakistan Embassy in Washington.
The group, which aims to boost Pakistani start-ups and support the tech sector, has a network of over 350,000 investors, start-ups, and professionals across 33 countries.
Aly Fahd of Paklaunch said the organisation’s goal is to showcase the “remarkable contributions of the diaspora”. Some attendees highlighted challenges such as outdated infrastructure, constant changes in the tax regime, and insufficient support for start-ups.
Mr Aurangzeb described the IT sector as a “key driver” of Pakistan’s economy, noting that the country ranks among the top five freelancing nations globally.
The participants raised various challenges, including regulatory issues, economic conditions, and operational constraints impacting the IT sector.
He acknowledged these difficulties and emphasised the need to streamline the system, expand the tax net, and facilitate business. He, however, noted that these reforms weren’t easy. Concerns about Pakistan’s macroeconomic environment were also voiced, including the impact of population growth, energy shortages, and climate resilience.
The finance minister reaffirmed the government’s commitment to working on water management, climate adaptation, and other critical areas.
Throughout the event, the minister emphasised the government’s intent to reduce its role in the business sector and allow private entities to thrive.
Published in Dawn, October 30th, 2024
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