The Lahore Chamber of Commerce and Industry (LCCI) Tuesday expressed grave concern over sharp decline in foreign investment that fell sharply by $926.6 million, or 66.5 percent, to $466.5 million during July-March 2011/12 against $1.393 billion in the corresponding period last year.
In a statement issued here, the LCCI president Irfan Qaiser Sheikh said that rising risk perception about investing into Pakistan is hitting hard the entire economy and needs to be tackled through a comprehensive policy approach by involving Chambers of Commerce in the country.
The LCCI President said that severe energy shortfall, bad law and order situation, institutional fragility and the political instability were the major factors keeping the foreign investors away.
Irfan Qaiser Sheikh said that a special committee comprising members of the Parliament, Presidents of Chambers of Commerce and Industry and representatives of Association should be formed to identify the solutions to attract foreign investment that is a prerequisite to economic growth.
The LCCI President said that the proposed committee should also be tasked to look into the existing policy framework and if there is a need to redesign new policies it should immediately initiate work on them.
Irfan Qaiser Sheikh said that all the developed countries accord special importance to economic issues and the challenges. But in Pakistan the situation is the other way round and the economy is on the bottom of government to-do list.
