Gov’t encourages private sector to set up industries in Pakistan: BoI Chairman

Gov’t encourages private sector to set up industries in Pakistan: BoI Chairman

ISLAMABAD, Oct 18 (APP): Chairman, Board of Investment (BOI) Dr Miftah Ismail on Tuesday said that the government is encouraging the private sector for setting up industries in Pakistan.

Talking to a delegation of Pakistan Business Council (PBC) of UAE, headed by its president Ahmed Shaikhani, Miftah Ismail said the Special Economic Zones (SEZ) have been established in the country to meet the global challenges of competitiveness to attract Foreign Direct Investment (FDI).

The law allows creating industrial cluster with liberal incentives, infrastructure, investor facilitation services to enhance productivity and reduce cost of doing business for economic development and poverty reduction, he added.

He said the government offered one time Exemptions from all taxes on all imported Capital Goods and Exemption from Income Tax for a period of ten years till June 30, 2020 and five years thereafter for SEZ Zone enterprises.

He also informed that Laws have been tailored to safeguard and ensure protection of investments.

The foreign investment is fully protected under the Foreign Private Investment (Promotion & Protection) Act, 1976, and Protection of Economic Reforms Act 1992, added the Chairman BoI.

The Chairman welcomed the delegation and highlighted the investment opportunities available in different sectors of the Economy including automobile, food and food processing, energy, power, Oil & Gas and dairy products & livestock in Pakistan.

Ahmed Shaikhani, President, Pakistan Business Council, UAE informed that the Pakistan Business Council (PBC) – Dubai had come into existence in 2004, under the patronage of
Dubai Chamber of Commerce and Industries.

The prime objectives of PBC include promoting trade, commerce and investment between UAE and Pakistan, providing facilities to Pakistani businessmen wants to invest in Dubai and other free zones in UAE, to introduce Pakistani products to business houses in UAE especially in Dubai for investment for joint venture in Pakistan and for organizing exhibitions in Dubai for promoting Pakistani products.

PBC Dubai exhibit in Dubai where Chamber members can participate and display their products.

Ahmed Shaikhani informed that PBC plans to hold exhibition in Dubai in the month of December, 2016 and invited BOI to participate in the event for combined efforts to boost investment and trade relations between the two countries.

The Chairman BOI assured him to participate alongwith Secretary, BOI if, a mega event is arrange by the PBC in Dubai.