Business community finds hope as COAS Munir vows to tackle corruption and boost investment 

 
In response to the pressing economic crisis facing the country, Chief of Army Staff (COAS) General Syed Asim Munir has pledged unwavering efforts to attract foreign investment and rejuvenate the economy, as reported by The News on Tuesday. General Munir made these assurances during a recent extensive meeting with members of the business community, where he engaged openly and candidly with them. 

During an appearance on Geo News‘ “Aaj Shahzeb Khanzada Kay Sath” programme on Monday, President of the Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Irfan Iqbal Sheikh, expressed optimism following their meeting with the army chief. He revealed that General Munir had conveyed discussions of a potential $25 billion investment from Saudi Arabia, encompassing sectors such as IT, minerals, agriculture, and defence. 

Highlighting a pivotal development, General Munir disclosed that Saudi Crown Prince Mohammad Bin Salman had committed to depositing $10 billion of this investment in the State Bank of Pakistan (SBP), to be reimbursed in Pakistani rupees or goods, thereby bolstering foreign exchange reserves. 

General Munir also acknowledged the bureaucratic obstacles hindering investment and emphasised the establishment of a Special Investment Facilitation Council (SIFC) to streamline processes and eliminate bureaucratic impediments. He assured that this initiative would protect investors from interference, bureaucratic hurdles, or legal complications. 

Irfan Iqbal Sheikh further mentioned that Saudi Arabia and the United Arab Emirates (UAE) had both pledged $25 billion in investments, with Qatar and Kuwait following suit with similar commitments. 

General Munir expressed determination to combat corruption, particularly by curbing land-grabbing and extortion mafias. To this end, he announced the formation of four task forces to address issues related to the Federal Board of Revenue of Pakistan (FBR), border control, smuggling, and social media, aiming to improve the overall situation. 

Sheikh stressed that the business community had grown disillusioned but found renewed courage and hope through the army chief’s commitments. 

Meanwhile, Business Group Chairman Zubair Motiwala noted the distinct approach of General Munir in engaging with traders compared to his predecessors. He highlighted the COAS’s efforts to revive the economy through engagements in Saudi Arabia, the UAE, and upcoming visits to Qatar and Kuwait. 

Motiwala reported that General Munir had instructed the corps commander to prevent the influx of Iranian diesel into Karachi and issued directives to address land encroachments, corruption, and law enforcement issues. 

General Munir also emphasised that only registered Afghan refugees would be allowed to stay in Pakistan, while the rest would need to return to their home country. He conveyed Saudi Crown Prince Mohammad Bin Salman’s concerns regarding corruption and bureaucracy in Pakistan. 

Motiwala further disclosed discussions about the charter of the economy with General Munir, expressing hope that such substantial investments would significantly improve the economic conditions in the country. 

He also pointed out that state-owned enterprises were incurring significant losses, amounting to Rs1,300 billion, and stressed the need for action, noting that political governments might not fully embrace privatisation but would seek to relieve this burden. General Munir expressed his understanding of the government’s approach to this issue and its commitment to addressing it comprehensively.