Lahore Chamber of Commerce and Industry (LCCI) has stressed the need for shifting focus on promoting local and foreign investment after achieving certain economic targets. LCCI President Sheikh Muhammad Arshad said on Saturday it is good sign that things on economic front are fast improving. There should be a solid strategy to facilitate the private sector that could be of great help for the promotion of local and foreign investment.
A number of sectors in Pakistan including infrastructure development, coal, energy, agriculture, livestock, textiles and pharmaceutical offer lucrative investment opportunities to foreign investors but due to absence of a proper marketing strategy these opportunities are unattended even today, he added. He said the foreign direct investment is one of the major players for economic development of any country. It is a matter of concern that foreign direct investment is slowing down with the passage of time which has posed a number of economic challenges for the country, he said.
China is the only major country whose foreign direct investment in Pakistan has jumped up from US 13.7 million dollars in 2007-08 to $255.3 million in 2014-15. He said that foreign direct investment of USA in Pakistan has come down from $1309.3 million in 2007-08 to $209 million in 2014-15, of UK from $460.2 million to $174.3 million in 2014-15, of UAE from $589.2 in 2007-08 to $216.4 in 2014-15 and of Japan from $131.2 million to in 2007-08 to $71.1 in 2014-15, he added.
He said that quality improvement of infrastructure throughout the country is essential to encourage FDI. He said that lowering of taxes and duties would lead to more firms wishing to invest in Pakistan while it would also encourage the local investors. He said that by encouraging foreign direct investment, Pakistan can gain technological advancement, knowledge and expertise from the global arena therefore every possible step should be taken to make this piece of land attractive for the foreign investors. He urged the government to initiate meaningful discourse with the private sector to boost up FDI that is not up to the mark. He said the existing foreign direct investment does not reflect the available potential and resources. Economic vitality should be promoted by strengthening private sector, he added.