Signing of a much-awaited Bilateral Investment Treaty (BIT) with United States (USA) would not only help multiply investments and exports of Pakistan but also lead to ink a Free Trade Agreement (FTA) with the US.
This was stated by Board of Investment (BOI), Chairman, Saleem H. Mandviwalla while addressing a press conference here at BOI head office.
Dispelling an impression created by some section of media regarding the BIT with USA, the BOI Chairman said “We will not sign any treaty with any country against the interest of Pakistan”.
He added that present government has taken initiative for concluding a BIT with USA which would attract even more US investments for Pakistan and help also lead to sign an FTA with USA which would greatly benefit our country.
Replying to a question, he said that BOI has sign 47 agreement regarding investments with other countries adding that the investors who want to invest in any sector of the economy are first cleared by the Country’s security agencies before setting up any industry or company.
He welcomed the much awaited BIT and added that this treaty with US would be in the best national interest and benefit Pakistan more than any other country”, he added.
Saleem H Mandiviwala said that the US is the largest investor in Pakistan and conclusion of BIT would further cement economic and investment relations. “The BIT is a commitment to reciprocally promote and protect the investment thereby; Pakistani investment in US will also get the reciprocity under international law and covenants”, he remarked.
The BOI Chairman further added that signing of BIT will lead to Free Trade Agreement (FTA) between the two countries resulting in market access with furtherance of exports to US markets and more investment from US.
“This is an investment treaty if there is any concern of the other party we are ready to resolve them”, he remarked.
Salaeem H Madiviwala said that if Pakistan wanted to sign an FTA with US its has to seal a BIT with the USA.
He further informed that the President would sign Special Economic Zone Bill 2012 on September 10 after that road shows would be organized for the promotion of these SEZs.
The road shows would be organized in UK, Huston and Chicago, where as the top US companies are sponsoring these shows in different countries, he added.
The Chairman said that last year overseas chamber of commerce had invested about US$ 1 billion in different sectors of national economy and added that foreign direct investment (FDI) was recorded at US$ 816 million in the wake of international recession.