ISLAMABAD:
A high level cabinet body on Tuesday decided to rationalise the tariff regime to attract foreign investment and accelerate the process of national development.
The Cabinet Committee on Investment meeting, chaired by Prime Minister Yousaf Raza Gilani, decided that individual cases for tariff exemptions should be brought up only after examining the linkages and implications for other segments of the industry.
The body will meet quarterly to review the investment policy with a view to attract foreign investment by convincing potential foreign investors that Pakistan is the best destination to do business.
Powers of board of investment were also enhanced as its was decided that the board will be responsible for dealing with all queries regarding investment to promptly respond to challenges and capitalise on opportunities in the investment sector.
The meeting also discussed the matters pertaining to import of CNG buses and setting up of motorcycle factory in Pakistan along with transfer of technology. The Prime Minister referred the matter to the Committee headed by Deputy Chairman of Planning Commission to decide the matter in a way so as to facilitate foreign investment in the country.
Published in The Express Tribune, January 11th, 2012.
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Pakistan lost investors' appetite when Bhutto exercised his vengeful and imprudent option of mass-scale nationalisation of country's nascent commerce and industry.during 1972-74 period.Later on, Military regimes in turn, introduced half hearted reversals of Bhutto's policies, but instead inducted vicious bureaucratic capitalism that turned out to be the last straw on camels' back.However,this whole saga culminated in its life time of political regimes of Nawaz and Benazir when cronies and more cronies sank most units of public sector Titanic that were funded predominantly through loan financing and thus bankrupted the whole financial sector in the end .
Nice thought but too little too late. Investing in Pakistan under the best of circumstances is high risk -- add the rising tensions with the USA and nobody is going to invest serious cash in Pakistan. The USA has enough economic clout to intimidate major economic powers to quit buying oil from Iran -- few investors will want to incur their wrath if they decide to sanction Pakistan.