The business community would be taken into confidence on the upcoming investment policy that would not be presented before the cabinet for approval unless it is endorsed by all the stakeholders, including the chambers of commerce and industries and trade bodies. Federal Minister for Investment Senator Waqar Ahmad said this while speaking at the Lahore Chamber of Commerce and Industry.
He assured the business community that he would take measures to restore the confidence of both local and foreign investors. He said the policy would be for five-year term and added that the government had decided to strengthen Alternate Dispute Resolution Mechanism, which would help ensure its implementation in letter and spirit. The government also wanted to establish Special Economic Zones in the country that would be one of the main features of the policy, he added.
The ownership of the Special Economic Zones would be given to the private sector to get the desired results, he further said. The minister said a think tank comprising eminent businessmen would be constituted to get constant feedback on government policies.
He said the new policy would be given legislative cover because the present government believed that no country could be competitive without giving legislative cover to investors. The agreements, to be finalised with investors, would be protected through legislation so that any future government could not scrap them, he said, adding that foreign investors were ready to make investment in various sectors.
He expressed the confidence to achieve foreign investment target despite all odds, as the government, he said, was taking all possible measures to offset the impact of law and order situation.
While appreciating the federal government's efforts aimed at promoting investment in the country, LCCI President Zafar Iqbal Chaudhry said there was a dire need for foreign investment in labour-intensive industries because every year four million people were adding into workforce. This could easily be done through active participation of commercial attachés working and private sector's collaboration with chambers of commerce in other countries, he added.
"If this alarming situation continues, the wheel of industry, which has already slowed down, will get jammed due to growing energy shortage in the country," he observed. "The LCCI has repeatedly requested the government to focus on the increase in production on sustainable basis, and to fully exploit renewable energy resources for promotion of businesses on sustainable grounds." He said the government needed to develop strong liaison with the business community and the decision making should be on permanent basis.
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