Pak-China Joint Chamber of Commerce and Industry (PCJCCI) President Shah Faisal Afridi has urged the government to provide residence cards to the Chinese investors on the pattern adopted by developed countries. In a letter to the Board of Investment's Chairman, Afridi said the PCJCCI continuously receive business delegations from China intending to invest in Pakistan's key business segments.
Among other things, the premier concern of prospective investors is how to obtain residence card of Pakistan on the pattern of European countries which may provide them to reside and invest for at least five years instead of one year multiple entries visa pasted on their passports. He asked the government to issue residence cards along with investment programs and simplify regulations, introduce business-friendly environments to encourage the Chinese investment into Pakistan.
Because of economic challenges and political pressures, Pakistan should restructure its internal policies and procedures to attract businessmen and investors. This could also be done through corporate immigration, more relaxed tax legislation and favourable treaties. The other way is through providing special citizenship by investment programs, he added.
He maintained that the issuance of residence card will provide strength and confidence to prospective investors. Further, the holder of this card may get some additional benefits including airport protocol, convenience in dealing with the government departments, issuance of specific licenses, selling and purchasing of industrial land etc, he said.
Afridi in his letter, also requested the Board of Investment to convince the concerned authorities for issuance of five years multiple residence cards for prospective investors from China as this privilege will play as a catalyst to broaden the investment portfolio of the Chinese, he maintained. The PCJCCI President said that "Citizenship by Investment" is a modern concept introduced and implemented in developed countries that have not only opened the doors to new ways of doing successful businesses, but also protected their wealth and ensured high quality of live for them, their families and for the generations to come.
He further pointed out that common market rules and friendly business policies encourage more and more wealthy people around the globe to come and invest. He appreciated the government's steps for prioritising foreign investment in the country. He stressed the need for combining corporate immigration with economic citizenship to help investors' particularly Chinese with more mobility.