‘Increase in FDI encouraging sign for economy’

LAHORE:The Lahore Chamber of Commerce and Industry has welcomed 17.8 percent rise in Foreign Direct Investment (FDI) and called for more efforts to continue the good momentum.

The LCCI office-bearers said that rise in FDI was an encouraging sign for the economy. The net Foreign Direct Investment in the first four months of the current financial year (July-October 2023-24) stood at $524.7 million, exhibiting an increase of 7 percent as compared to $488.9 million in the same period of 2022-23.

There is a need for concrete efforts to enhance the FDI level in the country. LCCI President Kashif Anwar said that the Special Investment Facilitation Council (SIFC) can play an instrumental role in materialising the signed agreements with UAE and Saudi Arabia for bringing investment in diverse sectors of the economy. Going forward, stability in macro-economic policies, and focus on competitive business regulatory environment, particularly related to taxation and cost of doing business can play a pivotal role in enhancing FDI in the country.

Senior Vice-President Zafar Mahmood Chaudhry and Vice-President Adnan Khalid Butt said that Pakistan has the potential to attract FDI worth billions of dollars in various sectors like energy, agriculture, tourism, health, mines and minerals, precious stones, information technology and various others.

The LCCI office-bearers demanded the government persuade the investors for taking over the state-owned enterprises and turned these into profit ones. It would reduce the burden on national exchequer and generate employment opportunities.