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ICCI for one window facility to woo overseas Pakistani investors

ICCI for one window facility to woo overseas Pakistani investors

ISLAMABAD: Overseas Pakistanis are a great asset of the country and many of them are eager to invest in Pakistan, but red tape and patwari culture and other factors are some of the problems holding them back from investing in Pakistan. Government should establish one window facility in each province as well as the local Chambers of Commerce for Overseas Pakistanis, to facilitate them in making investments in Pakistan. This was said by Shaban Khalid, President of Islamabad Chamber of Commerce & Industry.

Appreciating the Prime Minister’s incentive package for business community, he said Overseas Pakistanis have reportedly sent an amount of US$ 55.01 billion from the financial year 2008-09 to 2012-13, which shows their huge potential to invest in Pakistan. With good policies and lucrative incentives to attract their investment, Pakistan can achieve highly beneficial results for its economy.

Shaban Khalid said government should set a practical example by establishing the one window facility which should be manned by people equipped with new ideas, progressive mindset and technological capability. They should be empowered to identify those who create hurdles for investors and report about them directly to the highest level of authority so that problem creators are dealt with immediately.

He said that the Chief Ministers’ offices and preferably Prime Minister’s office should directly monitor the performance of one window facilities to ensure that best quality services are provided to Overseas Pakistani investors.

He said that acquisition of land for investment, especially by Overseas Pakistanis is a cumbersome process in Pakistan and government should work on making land acquisition for individuals easier for wooing more investment.

Government should also establish special courts for Overseas Pakistani investors to provide them speedy justice in business disputes as justice delayed is justice denied. The highest authority in judiciary should oversee the working of such courts to ensure that cases are decided fairly and timely to facilitate the investors.

ICCI President said that Pakistan has seen hefty decline in foreign investment due to many factors. However, he was of the view that wooing investment of Overseas Pakistanis through different incentives and facilitative measures would boost FDI in the country and become a tool to revitalize industry for creating more jobs and improving tax revenue. It will be a win-win arrangement both for Overseas Pakistani investors and the country.