During a recent meeting with Finance Minister Muhammad Aurangzeb, Pakistani-American entrepreneurs shared their concerns about the systemic and legislative issues that have increased their business costs in Pakistan. The gathering took place over the weekend at an event organized by Paklaunch at the Pakistan Embassy in Washington.
Paklaunch, which aims to promote Pakistani start-ups and support the tech sector, boasts a network of over 350,000 investors, start-ups, and professionals spanning 33 countries. Aly Fahd, a representative from Paklaunch, highlighted the organization’s mission to showcase the valuable contributions of the Pakistani diaspora.
Entrepreneurs at the meeting raised various challenges, including outdated infrastructure, frequent tax changes, and inadequate support for start-ups. Aurangzeb emphasized the significance of the IT sector in Pakistan’s economy, noting the country’s position among the top five freelancing nations globally. He acknowledged the participants’ concerns regarding regulatory hurdles, economic conditions, and operational limitations facing the IT industry.
Aurangzeb discussed the need for reforms to streamline processes, broaden the tax base, and make it easier for businesses to operate, while recognizing that these reforms would not be straightforward. Concerns were also raised about Pakistan’s macroeconomic situation, including issues related to population growth, energy shortages, and climate adaptability.
The finance minister reaffirmed the government’s commitment to enhancing water management, climate resilience, and other essential areas. Throughout the event, he stressed the government’s intention to reduce its involvement in the business sector, allowing private enterprises to flourish.
