A Conference on “Role of Multinationals in the Economic Development” was carried out here at the Lahore Chamber of Commerce & Industry on Thursday.
The LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir, Vice President Syed Mahmood Ghaznavi, former LCCI Presidents Bashir A. Buksh, Iftikhar Ali Malik, Mian Muzaffar Ali, Chief Executive Officer of Total PARCO Pakistan Marc Soissong, Ben French of British High Commission, Yahya Khan of Telenor Pakistan, Naveed Choudhry of Sika, Chief Executive Officer of NYK Line Tariq Masood and Regional Manager of Shell Pakistan Yasir Ali were the key speakers amongst the others.
The speakers were of the view that Pakistan would have a special policy framework to attract more & more multinationals as they would bring foreign investment, create employment opportunities and help transfer of technology.
The LCCI President Ijaz A. Mumtaz said that Pakistan is a very attractive ground for multinationals. Majority of Multinationals are extremely happy as they make maximum profits and are freely able to repatriate their profits without any hindrances. They make maximum profits in this region.
He said that as a matter of fact, multinationals in Pakistan are number one in their total exposure. Even the young CEOs of these multinational companies in Pakistan are promoted rapidly and they get maximum recognition.
The LCCI Senior Vice President Mian Nauman Kabir said that the very objective of this Conference is to bring the local businessmen and the multinationals on a common platform for mutual benefits. He said that the representatives of top multinational companies from France, United Kingdom, USA, Japan, Norway & Netherlands are sharing their experiences, concerns and issues at this platform. This would indeed help the local businessmen to understand the dynamics of good governance and best international practices as followed by multinationals in Pakistan.
Ijaz A. Mumtaz said that both country and consumers do benefit when MNCs enter in any country. They bring along technology, systems and international experience with them. He said that on the other hand consumers are able to get access to the same level of services, comfort and convenience as anyone else can have in the world.
“We know that expansion of businesses either done by existing or new MNCs, the foreign direct investment finds its way to our market. Our own national business groups can follow their model and become MNCs by way of proving their worth in international market, Ijaz A. Mumtaz added.
Mian Nauman Kabir said that multinational companies are contributing greatly to the economy of Pakistan and playing a key role in various areas of the economy. He said that no country can even dream about GDP growth until and unless participation of the multinationals in the economic activities.
Representatives of the multinational companies operating in Pakistan, shared their rich experiences and views with the participants. They said that Pakistan is an important country of the South Asia and a very good destination for foreign investment.