- Aligning investments with innovation, inclusivity, sustainability ensures long-term success in Pakistan’s market
Interview with Mr. Ghulam Mustafa Qazi, President ICMA
PAGE: Tell me something about yourself, please:
Ghulam Mustafa Qazi: I am currently serving as the President of the Institute of Cost and Management Accountants of Pakistan (ICMA), an institution where I have had the honor of contributing in various leadership positions over the years. I am a Fellow Cost and Management Accountant (FCMA) with extensive experience in cost and management accounting, finance, corporate governance, and consultancy. In addition to my role at ICMA, I lead Tariq Qazi Management Consulting (TQMC) as CEO, providing services in financial advisory, business strategy, and management consulting. I have also had the privilege of serving as President of the Pakistan Institute of Public Finance Accountants (PIPFA) and contributing to esteemed regional and international forums such as the Best Corporate Reports Awards Committee (ICMA & ICAP) and the Small & Medium Practices (SMP) Committee of the South Asian Federation of Accountants (SAFA).
At ICMA, I have served as Vice President, Treasurer, and Chairman of several technical and professional committees. These roles enabled me to introduce and support key initiatives, including the development of Cost Accounting Standards, the establishment of a Cost Accounting and Audit Framework, and a World Bank study on the rehabilitation of sick industries. I also helped initiate the Quality Control Review (QCR) for CMA firms and launched practical projects such as the Budget Commentary, Practicing Members Directory, and Online Examinations. Throughout my career, my guiding principle has been to strengthen the accounting profession’s role in Pakistan’s economy. It is deeply fulfilling to see the profession grow in capacity and influence, and I remain committed to advancing financial governance, innovation, and sustainable development for the benefit of both our members and the country.
PAGE: What is your standpoint on investment opportunities in Pakistan?
Ghulam Mustafa Qazi: Pakistan today presents a compelling case for investment. Our unique geographic position at the crossroads of South Asia, Central Asia, and the Gulf, gives us a natural edge as a hub for trade, transport, and energy. With initiatives like CPEC and other regional corridors, we are building the infrastructure that will connect investors to wider markets and long-term opportunities. What makes me most optimistic, however, is our people. With a majority of our population under 30, Pakistan is one of the youngest countries in the world. This youthful energy is shaping a fast-growing consumer market, a tech-savvy workforce, and an entrepreneurial culture that is driving innovation across sectors. In many ways, investing in Pakistan is an investment in this next generation — in their ideas, creativity, and ambition. The government has also taken meaningful steps to support investors. Policies of liberalization, deregulation, and privatization, along with Special Economic Zones offering infrastructure and incentives, are designed to reduce costs and create a business-friendly environment. As a result, sectors such as IT and digital finance, agriculture and food security, renewable energy, and mining are becoming increasingly attractive for both local and foreign investors. Naturally, challenges exist as they do in any emerging market. Yet Pakistan has consistently demonstrated resilience in the face of global and regional shocks. This ability to adapt and recover, combined with our strategic geography and youthful demographic strength, makes Pakistan not just an emerging market — but an emerging opportunity for those looking to be part of its growth story.
PAGE: How would you describe the investment policies in Pakistan?
Ghulam Mustafa Qazi: Pakistan has consistently pursued liberal and investor-friendly policies, with facilitation and openness as its cornerstones. The Board of Investment (BOI) leads this effort, working as a bridge between government, private sector, and international investors to provide a predictable and supportive business environment. Our investment policies have evolved over time. The 1997 policy first opened up infrastructure, social, and service sectors to foreign investors. The 2013 policy focused on reducing the cost and processes of doing business, promoting Special Economic Zones (SEZs), and aligning trade and industry policies. Building on these foundations, the Pakistan Investment Policy 2023 (PIP 2023) takes a more forward-looking approach. Its objectives include attracting high-quality, export-oriented investment, encouraging innovation and technology, creating jobs, reducing income gaps, and ensuring balanced regional development. The overarching strategy is to position Pakistan as a regional hub for foreign investment by strengthening local linkages, developing industrial clusters, creating high-value employment, and improving inclusivity. To further ease business operations, initiatives like the Pakistan Single Window (PSW) are simplifying cross-border trade through digitalization, reducing time and costs for investors. Apart from a few restricted areas for national security, Pakistan welcomes investment in all sectors. In essence, Pakistan’s investment policy reflects continuity, reform, and a clear forward vision — sending a strong message to the world that Pakistan is open for business and ready to partner with investors for mutual growth.
PAGE: What are your recommendations for investors?
Ghulam Mustafa Qazi: If I were to give one message to investors, it would be this: look at Pakistan with vision and confidence. We are a country of 250 million people, mostly young, ambitious, and ready to shape the future. With a growing middle class and strong fundamentals, Pakistan offers opportunities across diverse sectors, from agriculture and manufacturing to IT, fintech, renewable energy, and mining.
The government has also taken concrete steps to make investing simpler and more rewarding. Platforms like the Board of Investment, the Special Investment Facilitation Council, and Special Economic Zones offer attractive incentives, modern infrastructure, and one-window facilitation. At the same time, digital systems such as the Pakistan Single Window for trade and Raast for payments are cutting red tape, reducing costs, and making business more efficient.
My advice is to build partnerships with local businesses and communities. This not only helps investors understand the market better but also creates strong value chains that generate jobs, boost exports, and spread benefits more widely. Those who align their investments with Pakistan’s priorities — innovation, inclusivity, and sustainability — will find strong policy support and a welcoming business climate.
Pakistan today is not just open for business — it is ready for partnership, innovation, and growth. For investors who bring vision and long-term commitment, the opportunities here are immense. This is a market where responsible investment can create lasting impact, generate strong returns, and be part of a success story that is only beginning to unfold.
PAGE: What is your perspective on investment vis-a-vis GDP growth in Pakistan?
Ghulam Mustafa Qazi: Investment is a key driver of GDP growth as it creates productive assets, generates jobs, and fosters innovation. Countries with higher investment-to-GDP ratios consistently experience stronger and more sustainable growth. In Pakistan, this link is clear. Our investment-to-GDP ratio has remained low, averaging 13 to 15 percent, the weakest in the region. Gross fixed capital formation, which shows how much output is reinvested into productive capacity, fell from 13.8 percent in 2019 to 11.2 percent in 2024. By comparison, India, China, Bangladesh, and Vietnam maintain levels around 30 percent or higher, while even Sri Lanka, despite recent declines, stands above Pakistan. This lack of reinvestment limits our ability to achieve higher growth. To sustain GDP growth of 6 to 7 percent and beyond, Pakistan must raise its investment ratio closer to 20 percent. Increased investment in infrastructure, energy, agriculture, and technology can expand value chains, boost exports, and create millions of jobs. Simply put, without higher investment, Pakistan’s growth will remain below potential. With quality, long-term and responsible investment, supported by our young workforce and strategic location, Pakistan can unlock its full promise and emerge as one of the most dynamic economies in the region.