The Lahore Chamber of Commerce and Industry (LCCI) has stressed the need for taking initiatives to remove the obstacles and hurdles that are not only hampering the foreign direct investment (FDI) but also causing frustration to the local businessmen. The LCCI President Abdul Basit while talking to the Additional Secretary Board of Investment (BoI) Shahjahan Shah here Tuesday said that both local and foreign investments scenario in Pakistan needs improvement through facilitation as existing investment does not match the potential of this country. A two member Chinese delegation also attended the meeting.
He said though FDI has recorded an increase of 12.4 percent in July-March 2016-17 as compared to corresponding period of last year, yet the historical statistics are showing a gloomy picture. FDI excluding privatisation proceeds declined from US $5276.6 million of 2007-08 to $1601.6 million during July-March 2016-17. It is a matter of concern that investments from USA, UK, UAE, Japan, Hong Kong, Switzerland and Germany have considerably reduced, he added. He stressed the need for resolution of issues like misuse of discretionary powers by the tax officials and other federal and provincial departments.
Abdul Basit said that Pakistani missions abroad should be given task to help improve the perception of country and show the world true potential of the country that is teeming with unlimited resources. The foreign investors should be informed that traditional and non-traditional sectors of Pakistani economy are open and offer huge investment opportunities, he added.
He also called for one-window operation for investors to save their precious time and money. One-window operation could expedite the process of investment and industrialisation, he added. The BoI investment policy should be more attractive than the other regional countries while it should be equal for all. He said that broad based reforms should be introduced and implemented in consultation with the private sector.
Additional Secretary of Board of Investment Shahjahan Shah threw lights on the efforts to promote investment in the country and welcomed the suggestions of the Lahore Chamber of Commerce & Industry. On the occasion, the LCCI office-bearers and Chinese delegation exchanged views on mutual trade ties, joint ventures between the businessmen of the two countries and China Pakistan Economic Corridor.
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