LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) welcomed the Indian government’s decision to lift a ban on direct investments from Pakistan and called for liberalisation of the visa regime to make this move more meaningful and result-oriented.
In a statement issued on Thursday, LCCI President Irfan Qaiser Sheikh urged the Indian authorities to grant multiple visas to businessmen so that they can travel freely.
The LCCI president said that the Indian decision has made it clear that trade diplomacy was working well and more such decisions would be taken to help bring the two countries closer.
Sheikh hoped that the Indian authorities would also consider lifting the ban on Indian investors wanting to invest in Pakistan. He said that the trust level between the two sides will go up and help tackle other issues faced by the two sides for decades.
"We hope this decision will be fruitful for the business community and the people of the two countries," he said.
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India's decision to allow FDI from Pakistan will make it official what has been going on for sometime surreptitiously: Relocation of industries from Pakistan to India, specifically in the textile sector. In Pakistan, chronic power outages had a severe effect on factories forced many textile mills in Punjab to close down. Some factories have already moved to Bangladesh and recently to India.
Militancy from extremists and insurgents, political instability (stemming from elbowing for power by the judiciary, the civilian government and the military), and lack of personal security has jolted many wealthy Pakistanis.
The FDI decision is a tacit approval for the elite in Pakistan to move their assets, cash, and gold from their troubled country to India with relative ease - tasks that have been conducted in circuitous and complex ways using the ‘Hundi’ system. India bagged a gold medal!
A very positive move......fear that US will scuttle the opportunity by using pressure tactics on India.