Investors lash out at bureaucratic hurdles

Chinese investors have complained about the lack of ease of doing business and the bureaucratic hurdles.

Sources told The Express Tribune that those issues were raised by the Chinese investors and the ambassador during recent meetings with the special assistant to the prime minister (SAPM).

They voiced concern over high utility bills, calling them an obstacle to investment in Pakistan. The other challenge encountered by the investors was acquiring credit facilities from banks.

"The lack of ease of doing business and bureaucracy are the key hurdles to investment," a source said quoting the investors.

At present, the Federal Board of Revenue (FBR) is installing cameras in industrial units, which has met with resistance from the investors, who said that such monitoring would hurt their privacy.

However, according to sources, the SAPM insisted that the government was going to install cameras in all industries, adding that the gadgets would only monitor production lines. Tiles manufacturers also took up the matter with the SAPM.

Earlier, the Chinese ambassador, along with the newly elected presidents of the Lahore Chamber of Commerce and Industry and the Gujranwala Chamber of Commerce and Industry, called on SAPM on Industries and Production Haroon Akhtar Khan. Detailed discussions were held on the challenges faced by the industrial sector, issues concerning Chinese investors, the promotion of small and medium enterprises (SMEs) and the future roadmap for industrial development.

Sources said that the ambassador took up issues like the ease of doing business, lack of bank credit, bureaucratic hurdles and utility bills. Haroon Akhtar stated that the government was committed to reviving industrial growth and ensuring ease of doing business. He emphasised that a new industrial policy had been designed keeping in view the facilitation of industries.