EPZA also had mobilised investment by promising the same to investors. If whole or part of this concession is withdrawn then there is hardly any reason for the investor to remain in the zone or in the country. An ordinance of an act of parliament is a sovereign undertaking and its breach means loss of trust of investors in the sanctity of the country and its ordinances. The country desperately needs investment to populate the numerous special economic zones it is setting up all over the country. Shying away of investors on basis of country risk and its credentials could have severe consequences. The benefits expected from unilateral imposition of 17 percent GST as against the damage it could cause on account of migration of existing investors must be very carefully examined by the government. This must be done fast. Investors are like a flock of birds. When one of them leaves the others follow.
(Concluded)
Farhat Ali (Karachi)
Copyright Business Recorder, 2022
The writer is a former President, Overseas Investors Chamber of Commerce and Industry
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