In a major development, Pakistan would sign investment treaties with United States and Canada this year which will go a long way to bolster country’s export.
In an interview with Online Board of Investment (BOI) Chairman Saleem H. Mandviwala said the signing of investment treaties with United States and Canada will be an important development for Pakistan which would be signed till end December this year.
“Political leadership, Bureaucracy and Business mafia had been creating difficulties in way of promoting foreign investment as they did not want foreign investment to come into the country,” said BOI Chairman. He said we will have to put our home in order first and there is a dire need for taking efforts to bring foreign investment in the country.
To a question, he said the recently passed Bill of Special Economic Zone was a milestone in the history of Pakistan which would help the country to attract foreign direct investment (FDI) and encourage local investors as it provides legal cover to their investments. Chairman BOI went on to say that the establishment of Special Economic Zone will attract both domestic as well as international investors. Some of the investor countries like Korea, China and Japan were expecting to benefit from scheme as soon as it became operational. He said provincial governments would be requested to start the process as soon as rules were framed. He further said that the SEZ bill will help create an industrial cluster with liberal incentives, infrastructure, investor facilitation services to enhance productivity and reduce cost of doing business for economic development and poverty reduction.
“The SEZ bill also guarantees that the incentives once granted would not be withdrawn due to conflict of interests. BOI would now move ahead at a faster pace and through a well-planned campaign, motivating local and foreign investors to invest in the country,” he said, adding that it would not only help in bringing new technologies but also provide jobs to the people and increase our exports to reduce the trade deficit.
