Pakistan is best place for multinationals: speakers


Multinationals always play a fundamental role in economic uplift of any country as not only they bring much-needed foreign investment and create employment opportunities for the locals but also give message to the world that this country is a good destination for doing business.

A large number of multinationals are operating in Pakistan successfully which is an ample proof of this fact that Pakistan is a best place for the foreign investors.”

This was the up-shot of speeches delivered at a conference on “Role of Multinationals in the Economic Development” here at the Lahore Chamber of Commerce & Industry on Thursday.

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 and more multinationals as they would bring foreign investment, create employment opportunities and help transfer of technology.

LCCI President Ijaz A Mumtaz said that Pakistan was 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 as a matter of fact, multinationals in Pakistan were number one in their total exposure. Even the young CEOs of these multinational companies in Pakistan were promoted rapidly and they get maximum recognition, he added.

LCCI senior vice president Mian Nauman Kabir said the very objective of this conference was to bring the local businessmen and the multinationals on a common platform for mutual benefits. He said the representatives of top multinational companies from France, United Kingdom, USA, Japan, Norway & Netherlands were 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 the countries and consumers do benefit when MNCs enter in any country. They bring along technology, systems and international experience with them. He said on the other hand consumers were 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 were contributing greatly to the economy of Pakistan and playing a key role in various areas of the economy. He said no country could even dream about the 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 Pakistan was an important country of the South Asia and a very good destination for foreign investment.