ISLAMABAD, Aug 3 (APP):SAARC Chamber of Commerce and Industry on Friday called upon the Pakistan Tahreek-i-Insaf (PTI) government to offer package of incentives to attract Foreign Direct Investment (FDI) to support Pakistan’s fragile economy.
In a statement Senior Vice President of SAARC CCI Iftikahr Ali Mali said that under dynamic leadership of Imran Khan this window of opportunity can be used to channel longer term Foreign Direct Investment (FDI) to bolster the manufacturing and infrastructure sector for sustained business activities and cause an increase in employment and economic growth.
Seeing the country’s potential, he expressed confidence that a few bold economic policy initiatives by the new government can dramatically change the economic situation.
He said the government should go an extra mile for bringing foreign investments to Pakistan besides strengthening the national institutions and ensuring good governance by cracking down against the unrestrained corruption in the country.
He said there is the dire need of chalking out a comprehensive plan to court foreign investment in the country and provide them all facilities through one window operation by terminating red-tapism and extra legal constraints which hampers foreign investment procedure.
He was optimistic that the incoming government must set a clear and focused direction to address key issues of governance, security, energy and inconsistent policy implementation, which in the recent past has severely affected inflow of foreign direct investment in the country.
As the country moves towards a smooth transition of power at the Centre and in provinces, Malik said the ongoing democratic process is creating a positive international perception, which is partially reflected in the increasing foreign portfolio investment in the country’s stock market.
Iftikhar Malik said the role of the finance minister-in-waiting Asad Umar would be crucial to transform this agenda into reality in five years. Whether a large enough economy worth $313 billion facing significant challenges and needing deep-rooted economic reforms gets a helping hand from a man with a degree in business administration and who ran a $1 billion company is going to be interesting to watch.
He also suggested the coming government to constitute a high-powered economic and investment committee with representation from key trade bodies, like FPCCI, to get periodical feedback on policies and performance and, more importantly, agree on the way forward to achieve rapid economic growth.