Islamabad chamber urges govt to tackle declining FDI

Negative growth in Foreign Direct Investment would adversely affect the country’s economic growth as FDI plays vital role in development of the country. Islamabad Chamber of Commerce and Industry (ICCI), President Yassar Sakhi Butt, in a statement urged government to take remedial measures on urgent basis to reverse this trend to attract more foreign investment. He said the grim condition of Foreign Direct Investment in the country fell to $239.4 million during July-October period of 2011-12 against $610 million inflows noted during the same period last year; a decline of 61 per cent which would carry negative impact on Pakistan’s economy.
ICCI President said foreign investment is considered an important source of development for a country; therefore, government should accord high importance to encourage foreign investors by creating investment friendly environment to accelerate the pace of country’s economic progress. He said key issues including power shortage, poor infrastructure, law and order situation and other vital factors, should be addressed on priority basis to improve the bleak foreign investment condition to put the country on track of economic growth and development.
He said Pakistan is an attractive market for producers and many sectors of the economy including, oil and gas, power generation, agriculture, pharmaceutical, infrastructure development and many other sectors offer lucrative investment opportunities to foreign investors. Pakistan should not further waste time to loose the opportunities to attract foreign investment.