Interview with Mr. Sanie Khan, Executive Director – Floret Capitals (Private) Limited
PAGE: Tell me something about yourself, please:
Sanie Khan: I am currently serving as Executive Director at Floret Capitals (Private) Limited, Islamabad. Floret Capitals has remained one of Pakistan’s leading commodity brokerage firms for several years and has recently expanded its footprint into the equity brokerage business after obtaining the Trading Rights Entitlement Certificate (TREC) from the Pakistan Stock Exchange (PSX).
Within a short span of just three months after entering the equity market, Floret Capitals successfully secured registration as a Research Entity and became the first registered Research Entity in the North Region — a milestone that reflects our commitment towards promoting research-based investing, investor awareness, and strengthening Pakistan’s capital markets ecosystem.
Our vision is to transform Floret Capitals into the first full-service brokerage house of the North Region by obtaining licenses as Consultant to the Issue (CTI) and Securities Manager, while also establishing a dedicated Investment Banking division. Our objective is to build a fully integrated capital market institution and eventually pursue listing at the Pakistan Stock Exchange.
Prior to joining Floret Capitals, I served at the Pakistan Stock Exchange for around 22 years in different leadership roles, including General Manager, where I remained actively involved in capital market development, investor awareness, regulatory initiatives, and market expansion. I have also served as Chief Investment Officer (CIO) at Baig Investment and Regional Director at Entropy Pakistan.
With more than two decades of experience in Pakistan’s financial markets, my focus remains on expanding investor participation, promoting financial literacy, developing research culture, and building institutions that contribute towards the long-term growth of Pakistan’s capital markets.
PAGE: What is your perspective about investment-to-GDP ratio in Pakistan vis-à-vis the neighbouring countries?
Sanie Khan: Pakistan’s investment-to-GDP ratio has historically remained significantly lower compared to other regional economies, and this remains one of the major structural challenges restricting sustainable economic growth. Countries that have achieved consistent economic expansion have successfully increased domestic savings and converted those savings into productive investments.
In Pakistan, a significant portion of wealth remains invested in traditional assets such as real estate and gold, whereas participation in documented financial markets remains limited. We need to create a culture where savings are channelized into productive sectors through equities, mutual funds, pension schemes, and other regulated investment products.
Capital formation is the foundation of economic growth. A deeper capital market, wider investor base, improved financial literacy, and increased confidence in formal investment channels can significantly improve Pakistan’s investment-to-GDP ratio and support long-term economic development.
PAGE: What is your standpoint about investment in mutual funds, banking etc.?
Sanie Khan: Pakistan’s financial sector has enormous potential. Our banking sector is strong, well-regulated, and has played an important role in economic stability. However, historically, a large portion of banking liquidity has remained concentrated towards government borrowing rather than private sector growth.
Mutual funds, asset management companies, and capital market institutions can bridge this gap by allowing individuals to participate in economic growth through professionally managed investment products. Globally, household savings are mobilized through mutual funds, retirement funds, insurance products, and equity markets.
Pakistan needs to encourage a shift from saving culture towards investment culture. The objective should be to provide ordinary citizens access to transparent, regulated, and professionally managed investment opportunities so that their savings contribute towards business growth, employment generation, and national development.
PAGE: What must be done for hefty investment in the manufacturing sector?
Sanie Khan: Manufacturing remains the backbone of any strong economy because it generates employment, supports exports, reduces import dependency, and creates sustainable economic growth. To attract significant investment in manufacturing, Pakistan requires policy consistency, competitive energy pricing, access to affordable financing, regulatory ease, and a predictable taxation environment.
We also need to strengthen the connection between industries and capital markets. Around the world, companies use stock exchanges to raise growth capital through equity and debt instruments. Pakistan must encourage more companies to list on the Pakistan Stock Exchange and use capital markets as a platform for expansion.
The future focus should be on export-oriented manufacturing, technology-driven industries, import substitution, and value addition. Pakistan must gradually move from a consumption-led economy towards a production and export-led economic model.
PAGE: Are there any incentives in the recent Federal Budget for investment in Pakistan?
Sanie Khan: The recent Federal Budget has focused on economic stabilization, documentation of the economy, and improving the overall investment environment. However, investors primarily look beyond one-year incentives; they require long-term consistency, policy continuity, and confidence.
The biggest incentive for any investor is a predictable economic environment, stable taxation policies, transparent regulations, and ease of doing business. Pakistan has tremendous opportunities because of its young population, growing digital ecosystem, and underdeveloped investment sectors.
Going forward, reforms aimed at strengthening capital markets, increasing financial inclusion, encouraging new listings at the Pakistan Stock Exchange, and promoting investor education can unlock significant domestic and foreign investment.
I strongly believe Pakistan’s next phase of economic growth will depend on our ability to convert savings into investments and create institutions that support innovation, entrepreneurship, and industrial expansion.