LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad said that since the government has achieved certain economic targets, the focus needs to be shifted to promote local and foreign investment.
The LCCI president said that it was happy sign that things on economic front are fart improving. He said that there should be a solid strategy to facilitate the private sector that can be of great help for the promotion of local and foreign investment.
He said that 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 said that Foreign Direct Investment (FDI) 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 that China is the only major country whose Foreign Direct Investment in Pakistan has jumped up from $ 13.7 million in 2007-08 to $ 255.3 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 said that situation is not different as far as various other countries is concerned.
The LCCI president said that those issues should be tackled through well thought strategy, which are coming in the way of Foreign Direct Investment in Pakistan.
He said that quality improvement of infrastructure throughout the country is essential to encourage Foreign Direct Investment. 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 international investment conferences in Pakistan on permanent basis that would pave way for much needed foreign direct investment in Pakistan.
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 Foreign Direct Investment (FDI) that is not up to the mark.
“He said that existing Foreign Direct Investment does not reflect the available potential and resources” he said adding that economic vitality should be promoted by strengthening private sector.
