The government supports even those public/private firms which want to have investment outside the country as ultimately it also benefits Pakistan.
‘We should take it positively if a Pakistani firm opens its business factory in Bangladesh or any other country,” said Saleem H. Mandviwala, Minister of State & Chairman, Board of Investment (BoI) while addressing a press conference organised for the publicity of forthcoming “Pakistan Multilateral Conference 2011” next month. The conference according to him, scheduled to be held on October 20 in Karachi will be a joint, private and government interaction where local and international business communities from Germany, Japan, Russia, Malaysia, Sri Lanka, South Korea, Australia, France, Belgium, Italy, Switzerland and Pakistan will join hands and explore possibilities to create business activities. The first multilateral conference will be held on October 20, 2011 in Karachi and will precede the EXPO PAKISTAN which takes place from October 20 – 23, 2011 at the Expo Center.
Talking about the impacts of fresh tension in the Pak-US relations on bilateral trade and investment, Mandviwala said that the fresh waive was a temporary one and it was unlikely that it would affect the economic ties. “The American investors, showing their interest in the forthcoming conference, will also attend the event, they have also contributed in the sponsorship of the program,” he claimed.
Presenting various examples of successful foreign investments like fresh arrival of Al Corte of Spain and two Korean firms, Lotte and POSCO in Pakistan, he said various Memorandum of Understandings (MoUs) and agreements were expected to be signed between local and foreign firms during the important conference.
Abdul Kader Jaffar, President Pakistan-Japan Business Forum said that the conference would revolve around working groups and focus on the sectors including infrastructure, engineering, pharmaceuticals, mines and minerals and agriculture and farming. The conference is being organised by the Bilateral Groups of various foreign countries, led by the Pakistan-Japan Business Forum, and supported by the Board of Investment (BOI) and the Trade Development Authority of Pakistan (TDAP).
According to the BoI officials and representatives of various Business Forums these foreign countries are important investment and trade partners because they form Pakistan’s non traditional markets wherein most of the growth opportunities lie. Multilateral conferences such as these serve to bring together buyers, exporters and investors from different countries to form synergies and maximise efficient business contracts. This is the first time that all these stakeholders will participate on one platform with the unified aim of enhancing investment and trade in Pakistan. “Pakistan, with its proximity to energy rich Central Asia and emerging Economies of India and China has significant importance in world trade and flow of capital. Pakistan has three sea ports to serve the world’s trade route. Its 180 million populations serve as a large market base for investors particularly in the services and FMCG sectors,” they added.
The opportunities for investment in the focused sectors are enormous enabling the participating countries to explore business and investment possibilities through interactive discussions with their local partners and the government for favorable facilitations. The wide range of services provided by BOI includes providing information on the opportunities for investment and facilitating companies that are looking for joint ventures.
BOI also offers investors one of the best investor incentives in the region, from 5 year tax holidays to 100 percent equity allowed. Moreover there is equal treatment of foreign and local investor. The recent Special Economic Zone (SEZ) Act also offers investors facilitation such as provision of all utilities till the SEZ Gate.