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Govt urged to resolve issues to promote foreign investment‏

Govt urged to resolve issues to promote foreign investment‏

ISLAMABAD: Showing great concerns over 47 percent fall in foreign direct investment during July-May 2014-15 compared to the same period of last year, Islamabad Chamber of Commerce and Industry has called upon the government to take emergency steps for resolving all key issues that are holding back foreign investors from exploiting huge investment potential in various sectors of Pakistan’s economy.

Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that foreign direct investment in Pakistan has declined to $803 million during the period July-May 2014-15 from $1509 million during the same period of last year which should be a wake-up call for the government to address problems that are acting as a discouraging factors for foreign investors.

He said Pakistan is endowed with plenty of natural resources including reserves of oil & gas, coal, minerals, hydel and solar power etc. However, the country needs huge investment to exploit these natural resources for achieving better economic development. There is also great potential for infrastructure development in the country which remained underdeveloped so far due to lack of required capital. He said that the best approach to fully exploit available natural resources and to improve infrastructure is to attract maximum foreign investment in the country.

He said for the last two years, the government has been giving hopes of attracting huge foreign investment. However, the figures indicate that it has not been able to lure foreign investors up to the desired level. He stressed that government should come up with an attractive policy for foreign investors and also take tangible measures to address key issues, especially energy problem, security challenges and law & order situation due to which many potential investors are still hesitant to come to Pakistan.

Muzzamil Sabri said it was encouraging that China has committed huge investment in Pakistan. However, he emphasized that for timely materialization of CPEC projects and for attracting more foreign investment, government should focus on ensuring political stability and establishing investor-friendly legal framework that should extend optimum facilitation to foreign investors. He was of the view that Pakistan could make quantum leap in economic growth and uplift living standard of people by attracting better foreign investment in various sectors of its economy.