Federal Minister for Investment Senator Waqar Ahmad Khan has said the government will not only give full protection to the investments, bilateral trade agreements and projects through legislation for the next 10 years, but will also implement them in letter and in spirit.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI) here on Tuesday, he said that the government would also ensure the continuation of its policies and would further strengthen them. The government had decided to bring legislation through Parliament for the protection of investments for next 10 years in the country, he added.
The Minister further said the government had created a full-fledged Ministry of Investment to ensure return of investment, and added that the government wanted to facilitate investors by extending them all possible help for their investments in the country. He said that the President and the Prime Minister had given targeted and focused directions to the ministries for the benefit of its people and the country. He expressed the hope that its fruitful results would start coming soon.
He said that continuation of policies had been a major concern for investors. "Now we have a democratic government and we have proposed legislation to ensure continuation of projects even if there is a change of government," he added.
The Minister added that the government was also organising investment conferences for the business communities' abroad to highlight the investment-friendly polices and vast opportunities and potentials for investment in different sectors of the economy.
He said that in collaboration with the Board of Investment (BoI), priorities were being reset to facilitate the investors. Senator Waqar, who spoke at length on various issues, assured the business community that the government was making all out efforts to give relief to the industrial sector, which was passing through a very depressing period.
He said that all the policies of the present government were home grown and its only agenda was masses welfare and in this regard the Lahore Chamber of Commerce and Industry would have to forward its suggestions.
The Minister said that the government was not oblivious of the problems being faced by the business community and it had given the task to the Ministry of Investment for economic reforms and for stimulating investment in the country. On issue of enhancement in Credit Reporting Period, the Minister promised to take up the issue with the Ministry of Finance as in the existing scenario, 90-day Credit Reporting period was too small.
Speaking on the occasion, LCCI President Mian Muzaffar Ali called for strengthening of the process implementation of policies, saying that all the problems were only because of non-availability of any proper framework to ensure the implementation of policies.
He said that due to ongoing situation, the investment in the country was not that encouraging and if this alarming situation continued, the wheel of industry, which had already slowed down, would get jammed. "We urge the government to solve this issue through strategic measures on urgent basis," he said.
LCCI Senior Vice-President Tahir Javaid Malik and Vice President Irfan Iqbal Sheikh said the government needed to focus on the increase in production on a sustainable basis, and to fully exploit renewable energy resources so that "we can promote our businesses on sustainable lines. "The government also needs to develop a strong liaison with business community and whatever decisions it takes, must be on permanent basis and not on ad hoc basis," they said. BoI Director General Najeeb Khawar Awan also spoke on the occasion.