Investment policy discussed: missions tasked to identify wealthy people of Pakistani origin

Federal government has tasked Pakistani Missions abroad to identify and collect data of wealthiest people who had left Pakistan immediately after partition, aimed at luring them to invest in their ancestral country. A senate penal headed by Senator Karim Ahmad Khawaja on Friday discussed the pros and cons of investment policy for those billionaire pro Pakistanis who intend to invest in their country of origin.
Commerce Ministry has sought assistance from Pak Missions in identifying potential participants of an investment conference for those businesses whose families migrated from the area comprising Pakistan. The objective of the conference will be new investment by old inhabitants of this area keen to strengthen bonds through trade and investment.
Out of 21 Missions, positive response has been received from nine Missions ie Kenya, USA (L.A), Hong Kong, Malaysia, Qatar, South Africa, Australia, Tanzania and UK. Commerce Ministry has sought details from seven countries. However, positive response has not been received from USA (DC) Kuwait and India.
Documents presented before the panel reveal that a negative response was received from Iran and Bangladesh, whereas there was no response from Thailand, France, Germany, UAE Saudi Arabia, Sri Lanka, Oman and Canada. Secretary Commerce Munir Qureshi maintains that it is a slow moving plan and will take time as government has no such data in hand. Additional Secretary Board of Investment (BoI), Imran Cheema said the Board would direct Honorary Investment Counsellors abroad to collect data of those businessmen who left Pakistan at the time of partition.
Briefing the panel, Director General BoI Dr Ms Raana Ahsan said the government could not formulate separate investment policy for any special segment because it was not possible at that time. However, the government would extend all possible support to those who intend to invest in Pakistan in accordance with prevalent investment policy, it added. She said that overseas Pakistanis might be attracted to develop Special Economic Zones (SEZ) as developer, zone enterprise and exclusive overseas zones, and urged greater collaboration between BoI, Overseas Pakistanis Foundation, Ministry of Overseas Pakistanis and Ministry of Commerce.
BoI has floated the following proposals: (i) strengthening the role of Community Welfare Attaches; (ii) identification of commercially feasible projects/ opportunities; (ii) sharing/exchange of information on regulator basis; (iv) continue pursuing the ambassador for identifying the potential participants; and (v) investment conferences for Overseas Pakistanis or in target areas.
Senator Karim Ahmad Khawaja and Senator Haji Saifullah Khan Bangash also shared some personal information with regard to inhabitants of the area keen to strengthen bonds through trade and investment. The panel decided to invite some Pakistanis with historical ties with Pakistan.