Development planning: Commerce ministry lists potential expat investors

Working paper presented to senate sub-committee in this regard.

ISLAMABAD:

Trade officers in various Pakistani missions under ministry of commerce have identified 321 potential expatriate investors who are interested in doing investment in various sectors in Pakistan.

A working paper prepared by ministry of commerce presented to a senate sub-committee on commerce identifies the sectors where they are interested in making investment. The sectors they are interested in are: engineering and construction, telecommunication, transport and shipping, IT support, software, sports, security and warehousing, automobiles and parts, textile, financial service and banking.

Of the total 321 interested potential investors, five are from Abu Dhabi, 18 from Australia, one from Thailand, 24 from Qatar, 29 from Hong Kong, nine from Indonesia, seven from Kenya, 16 from Malaysia, 31 from UK, 44 from United States, 20 from Saudi Arabia, 12 from South Africa, four from Tanzania and 40 from Canada.

These investors have suggested opening of specific areas for investment with special incentives. They are also seeking concrete proposals for investment and a facilitation team to assist new investors including the one window operation to remove bottlenecks in starting a new business. All of them have sought security of life and finances in view of the current law and order situation in the country.

The commerce ministry has informed the Senate committee that the ministry of foreign affairs and the ministry of interior would be invited in the next meetings to chalk out a policy regarding the investment mechanism.

The sub-committee on commerce was further informed by the commerce ministry that the Board of Investment (BOI) had convened a meeting in September to chalk out the agenda, participants and logistic arrangements for the proposed investment conference.

It was further stated that BOI would identify areas of investment after consultation with the provincial BOIs and FPCCI, and will share them with ministry of commerce.

It was also mentioned that BOI will lead the process and hold meetings with provincial BOIs, ministry of commerce, ministry of interior and ministry of foreign affairs to finalise a viable policy for expatriate.

Published in The Express Tribune, November 15^th, 2013.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.