Prime Minister urged to simplify the procedure to attract Foreign Direct investment

Islamabad: July 2, 2012

Prime Minister Raja Pervez Ashraf while chairing a meeting of Board of Investment at the Prime Minister’s House today urged, to simplify the procedure to attract the foreign direct investment, and incentives the local investors so that they continue to play their role in the development of the country’s economy.

The Prime Minister added that the efforts of BOI for speedy resolution of the investors’ problems would enhance their confidence and give positive signal to the foreign investors, making Pakistan an attractive investment destination.

The meeting was attended by Makhdoom Amin Fahim, Minister for Commerce, Dr. Abdul Hafeez Sheikh, Minister for Finance, Mr. Anwer Ali Cheema, Minister for Production, Dr. Asim HUssain, Advisor to PM on Petroleum, Mr. Abbas Khan Afridi, Minister of State for Commerce, Dr. Nadeem-ul-Haq, Deputy Chairman, Planning Commission, Mr. Saleem H. Mandviwala, Chairman BOI, and officials of the concerned Ministries.

The Prime Minister said “Pakistan is a liberalized economy and it offers equal treatment to local and foreign investors, and most of the sectors are open for foreign investment under complete legal protection”. The Prime Minister further said that due to its rich resource potential, Pakistan is a preferred destination for foreign investors.

Prime Minister Raja Pervez Ashraf further said that there were numerous opportunities for foreign investors especially in the engineering, power, horticulture and manufacturing sectors.

The Prime Minister said Pakistan was among the middle income countries and presence of large middle class provided vast local market to the new and expanding business. These facts about Pakistan be aggressively projected to enhance FDI inflows in our country, the Prime Minister stressed.

Foreign investment in Pakistan is fully protected under Foreign Private Investment and Protection Act 1976 and Protection of Economic Reforms Act 1992, the Prime Minister added.

The Prime Minister said despite challenges in the recent past, Pakistan’s economy remains resilient to global economy meltdown inspite of devastating floods in the year 2010 and rain floods in 2011 in Sindh, coupled with internal and external security environment of the country, our exports amounted US $ 25.439 billion in 2010-11 and are expected to grow further.

The Prime Minister said that currently Pakistan’s economy is in dire need of rapid and consistent growth rate. The dynamic role of private sector can restore the health of economy and help to accelerate its pace in the light of its vast and rich potential, the Prime Minister said.

The Chairman BOI, Salemm Mandviwala and Secretary BOI gave presentation containing comprehensive strategy to attract the foreign direct investment in the country. The whole plan focuses on one window operation which is critical for achieving the desired goals.

The Finance Minister called upon the BOI to prepare a roadmap which should be vigorously pursued by the inducting highly qualified professionals in the Organization who understand the dynamics and imperatives of the role of the foreign investment country’s economy.