Pakistan has been focusing on the improvement of infrastructure and was engaged in framing a policy for the development of special economic zones (SEZs), official in the Investment Division and Board of Investment (ID&BoI) said.
Talking to a delegation of United States Chamber of Commerce here, ID and BOI Acting Secretary Major Iqbal Ahmad (Retd) said the Reconstruction Opportunity Zones (ROZs) would also be given the same preference and benefits as provided in case of SEZs.
The delegation led by Lieutenant General Daniel W. Christman (Retd), Senior Vice President for International Affairs, US Chamber of Commerce and Jay Collins, Chairman US Pak Business Council/CEO Public Sector Group called on the BoI Acting Secretary to discuss business opportunities in the country.
The Acting Secretary, while highlighting the geo-strategic location of Pakistan and other market dynamics, signified upon the upward trends of foreign direct investment (FDI) over the years and appreciated US investment into Pakistan being the highest ie 1.3 billion during 2007-08. Agriculture, Power, Oil and Gas exploration and manufacturing sectors have been defined as a policy case sectors of investment.
The delegates were also informed that Pakistan laid a lot of emphasis on bilateral investment treaty (BIT) with US as that would encourage more investment. Iqbal added that deliberations on BIT were in progress and the next round of dialogue is expected in near future. He said that still the existing laws of Pakistan were sound enough to give protection to foreign investment, this included existing laws for the enforcement of foreign courts and foreign arbitral awards.
Lieutenant General Christman (Retd) appreciated the information given by the Acting Secretary and showed concern on the issue of Westing House, which remained unsolved. Furthermore, he was interested to know about the methodology used by ID and BoI to market Pakistan's investment potential.
It was highlighted that ID and BoI projected Pakistan's potential through multiple advocacy tools and Pakistan's missions abroad also supported it to identify potential investors and thus providing them the information to have enough knowledge for the Pakistani Economy.
ID and BoI have appointed Honorary Investment Counsellor in different countries who are renowned businessman. In addition to that Road shows and conference in Pakistan as well as abroad play vital role to portray the positive image of Pakistan and provide a platform to understand business community to each other.
The delegation appreciated the hospitality and services extended by the ID and BoI and were impressed with the investment climate and potential in the country and assured full support from US Chamber of Commerce to bring investors into Pakistan to gain benefits. ID and BoI Acting Secretary appreciated their visit to Pakistan and assured full facilitation on the part of ID and BoI.