LAHORE: Lahore Chamber of Commerce and Industry (LCCI) and Punjab board of Investment and Trade (PBIT) jointly organized a consultative session regarding Pakistan’s Investment Policy-2022, here at LCCI on Tuesday.
Provincial Industries and Commerce Department Secretary Dr. Ahmed Javed Qazi conducted the session attended by PBIT Chairman Fazeel Asif Jah, CEO PBIT Jalal Hasan, LCCI Vice President Haris Atiq, former President Muhammad Ali Mian, Director BOI Zulfiqar Ali, a large number of industrialists, and government representatives from various departments.
Secretary Industries Dr. Ahmed Javed Qazi said that there are immense investment opportunities in Punjab but a better policy is the need of the hour. The government wants to make a policy by taking the investors into confidence, so this consultation meeting is being held. He said that an action plan will be made in the light of the recommendations of the stakeholders and will be placed before the Federal government.
During the session, suggestions and opinions of the private sector were obtained for development of an inclusive investment policy to increase investment in Pakistan.
The participants gave suggestions on green energy, technology transfer, availability of raw materials, promotion of tourism, effective measures to create ease of doing business, reduction of imports and increase of exports, continuity of policies and focus on local investors.
Director Projects and Policy Research, PBIT, Sohail Qadri gave a detailed briefing to the participants and said that Pakistan is one of the biggest markets as it is the fifth largest country in the world in terms of population, but the country still has to get its share in the global market.
He said that there are 10 Special Economic Zones in Punjab, but the number of Special Economic Zones must be increased to promote investment.
He said the Punjab government has sent recommendations to the federal government for the establishment of three new special economic zones. He said that the Punjab Board of Investment and Trade is taking commendable steps to promote investment in the province.
The efforts of PIEDMC (Punjab Industrial Estates Development and Management Company) and FIEDMC (Faisalabad) are also commendable, he added.
Former President Lahore Chamber Muhammad Ali Mian said that Pakistan is full of opportunities but it is not possible to encourage foreign investment without promoting local investment. Political stability is also necessary for domestic and foreign investment.
Haris Atiq, Vice President of Lahore Chamber, said that the confidence of local investors must be restored for a desirable increase in foreign investment.
Chairman PBIT Fazeel Asif Jah said that current situation requires facilities to be provided to domestic investors, so they prosper, and not only the national economy will get its benefit but the flow of foreign investment in the national economy will also increase. He said that increase in FDI (Foreign Direct Investment) is not possible without strengthening the Currency, for which domestic investment has to be increased.
