PBIT consultative session: ‘Political stability vital for foreign investment’

LAHORE:Secretary Industries, Commerce, Investment and Skill Development (ICI&SD) Dr Ahmed Javed Qazi on Tuesday said that there are immense investment opportunities in Punjab but a better policy is the need of the hour.

Addressing a consultation session regarding Pakistan's investment policy 2022 at the LCCI in collaboration with the Punjab Board of Investment and Trade (PBIT), he said the government wants to make a policy by taking the investors into confidence. He said that an action plan would be made in the light of the recommendations of the stakeholders and will be placed before the federal government.

During the session, suggestions and opinions of the private sector were obtained for development of an inclusive investment policy to increase investment in Pakistan. The participants gave suggestions on green energy, technology transfer, availability of raw materials, promotion of tourism, effective measures for easy business, reduction of imports and increase of exports, continuity of policies and focus on local investors. ‘Political stability is also necessary for domestic and foreign investment’.

Director Projects and Policy Research, PBIT, Sohail Qadri gave a detailed briefing to the participants. Secretary ICI&SD said that Pakistan is one the biggest market as it is the fifth largest country in the world in terms of population.

He said that there are 10 Special Economic Zones in Punjab but the number of these zones must be increased to promote investment. He said Punjab govt has sent recommendations to the federal government for the establishment of three new Special Economic Zones. He said that PBIT is taking commendable steps to promote investment in the province. The efforts of PEIDMC and FIEDMC are also commendable.

The LCCI officials said that Pakistan is full of opportunities but it is not possible to encourage foreign investment without promoting local investment. Political stability is also necessary for domestic and foreign investment. They said that the confidence of local investors must be restored for a desirable increase in foreign investment.

Chairman PBIT Fazeel Asif Jah said that the current situation requires facilities to be provided to domestic investors. By doing so, not the only national economy will enjoy its benefit but the flow of foreign investment in the national economy will also increase. He said that increase in FDI is not possible without strengthening the currency, for which domestic investment has to be increased.