Interim govt, army chief working on getting foreign investment in Pakistan: president

• Decision-making plays crucial role in economic stability, he says.
• He hopes businessmen will strengthen Pakistan economically.
• "Pakistan's potential can be tapped by taking responsibility."

KARACHI: President Dr Arif Alvi has expressed his confidence in the incumbent caretaker government as well as the military leadership to lead the country towards economic progress, The News reported on Sunday.

The president said that the interim government and Chief of the Army Staff (COAS) General Asim Munir, with the help of joint ventures, were trying to bring foreign investment into Pakistan to boost its economy, highlighting how decision-making has played a crucial role in positioning the country on the path to economic stability.

President Alvi's remarks came on Saturday during an address at the 15th Rice Exporters Association of Pakistan's (REAP) recognition ceremony, where Sindh Governor Kamran Tessori was also in attendance.

During his address, the president also expressed hope for the business community to strengthen Pakistan economically. Alvi added that Pakistan had tremendous potential, which could be tapped by taking responsibility.

Dr Alvi also congratulated REAP on its journey from the exports of $300 million to $3 billion. He told the REAP members they could move to joint ventures and focus on value-added rice items. He said that "Briyani Festival" was a good idea and it was a value addition. He also invited REAP to organise the festival in the President's House.

The president said rice research institutions should be revived to further grab the international market. He further remarked that market-oriented institutions should be jointly established by the government and REAP.

The president also highlighted the role of women in the workforce, underscoring the significance of employing them in companies, to empower them and provide them the opportunity to partake in economic affairs.

Meanwhile, the Sindh governor praised the rice crop as the second-best export of the country and deplored that it had not been recognised as an industry so far.

He said the COAS was fighting economic terrorism along with border terrorism, adding the value of the dollar had been brought down.

Tessori said that law and order situation in the country would improve as the action against illegal immigrants had started in the country.

REAP Chairman Chela Ram Kewlani said that REAP was the backbone of the country’s economy, adding that the rice of Pakistan had become a brand at international level.

He said the country had 9 million tonnes of rice crop, adding that rice was being exported to Europe, Middle East, Russia and rest of the world.

He said that Pakistani rice was famous around the world due to its quality, adding that the rice exports of the country were $300 million in the past and now it had reached $3 billion.

The REAP chairman urged the president to declare rice as an industry. He also drew attention towards Minimum Export Price (MEP) of rice and said that due to MEP, they would not be able to export rice.

He said that two crops of rice were being grown the world over and Pakistan was still growing only a single crop.

The REAP chairman demanded for establishing a rice research institution for more and better opportunities and exports growth.