'Economic policies must be provided constitutional cover'

"Economic and business policies must be provided constitutional cover in order to mitigate misunderstandings in the corporate community." Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President Shah Faisal Afridi stated this at a meeting with a delegation from World Bank.
The delegation included Vincent Palmade, lead economist, South Asia Region, Justin Hill, senior private sector development specialist at World Bank. Amjad Bashir, Trade and Competitiveness Officer, Saima Zuberi, Associate Operations Officer. Wang Zihai, Chairman of Association of Chinese Companies in Pakistan was also present on the occasion. The delegation reached Pakistan to discuss and update the proposals for the improvement of private special economic zones by overcoming social and political constraints to fulfil the needs of investment up to its optimal level.
Members of the delegation, while exchanging their view with PCJCCI president discussed the prospects of business opportunities under the umbrella of special economic zones and showed concerns regarding security matters related to power shortages, land procurement including documentation and legal issues that are faced by foreign investors in Pakistan.
Responding to the queries raised by the delegates, Faisal Afridi said that the government has established numerous organisations such as PBIT and BoI for providing guidance to the local and foreign investors, moreover Punjab Business and Economic Council (PBEC) is made especially to bridge the gap between private and government sectors. Such organisations and institutes are designed to build an integrated business environment, he added.
He said that Haier Ruba special economic zone was initiated in 2006 with his struggle in collaboration of Chinese investors, which became pioneer in introducing idea of one window optimised operation; that was highly appreciated both by government and private sector.
"Despite all odds the idea flourished showing that Pakistan can provide suitable environment to sustain special economic zones, Afridi said. He said that at present there are 11 successful companies, which are working under the umbrella of this Special Economic Zone (SEZ) and despite all challenges, the companies have shown remarkable growth in just a period of eight years. "The zone is currently providing employment to about 11,000 people, besides empowering SMEs by providing the financial assistance and skill development trainings," he added.
Faisal asserted that World Bank should convince Government of Pakistan to take concrete measures for overcoming trust deficit. He said that international business communities should be made aware of the abundant prospects of business available in Pakistan and at the same time policies and legal framework should be envisaged by government to control the risk factor.
Wang Zihai while responding to delegates regarding benefits from investments in Pakistan has said that China being a true friend of Pakistan is ready to compromise with the social and political odds. Vincent Palmade, who was leading the delegation, has said that his bank desired to extend full co-operation and support for empowerment of the special economic zones in Pakistan. "We have collected the initial information and would revisit Pakistan soon with some practical proposals," he added.