Economic expansion: Govt wants private sector to invest in Pakistan

SEZs have been established to attract FDI, says BoI chairman

ISLAMABAD: The government is encouraging the private sector to set up industries in Pakistan, said Board of Investment (BoI) Chairman Miftah Ismail Tuesday.

Speaking to a delegation of the Pakistan Business Council (PBC) of UAE, headed by its President Ahmed Shaikhani, Ismail said that Special Economic Zones (SEZs) have been established in the country to meet global challenges of competiveness to attract foreign direct investment (FDI).

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

The government offered a one-time exemption 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, said the chairman.

He also informed that laws have been tailored to safeguard and ensure protection of investments. Foreign investment is fully protected under the Foreign Private Investment (Promotion & Protection) Act, 1976, and Protection of Economic Reforms Act 1992.

The BoI chairman welcomed the delegation and highlighted investment opportunities available in different sectors of the economy including automobile, food and food processing, energy, power, oil and gas, dairy products and livestock in Pakistan.

Shaikhani informed that the PBC-Dubai came 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 wanting 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 organising exhibitions in Dubai for promoting Pakistani products.

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

Ismail assured him his participation along with BoI Secretary if a mega event is arranged by the PBC in Dubai.

Published in The Express Tribune, October 19^th, 2016.

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