Net inflow of foreign investment in Pakistan surged to $3.712 billion during the first 11 months of the fiscal year 2013-14. However, there was a dire need to mobilse these investments in sectors including oil and gas exploration, power production, transportation and infrastructure.
Faisalabad Chamber of Commerce and Industry President Engr. Suhail Bin Rashid, in a meeting with industrialists in Faisalabad, praised the government’s policies made in the current budget and appreciated the hard work of expatriates who remitted over $14 billion to the country. “The present government is trying its best to recognise the micro and macro level economic policies to achieve the GDP growth of 4.4 percent set for the following financial year”, he said.
“Chinese economic giants have agreed to invest $2 billion in Faisalabad. The textile sector is the mainstay of national economy and the incentive of duty drawback given to the exporters on FOB values, will enhance their exports. Markup on re-finance scheme has also been reduced from 9.4 to 7.5% to facilitate exports”.
He said comprehensive steps have been taken to involve 45 percent of the country’s youth in productive activities by launching different programmes and schemes to harness their mental capabilities and providing them necessary administrative skills to face future challenges. To overcome load-shedding and put an end to the power crisis which has eroded our GDP growth by 2 percent, the government launched eight projects in 2013-14 and 26 more projects are under way.
The FCCI chief said the economic policies are in the right direction and the business community is fully satisfied with government’s attitude and mindset. It was the first time that the federal and provincial budget has been prepared with great consultation and its impact is obvious as there is no post-budget chaos. Most of the people are satisfied with the budget as the government has tried its best to facilitate the vulnerable and marginal sections of society with increased funding in social sector.
Published in The Express Tribune, June 24th, 2014.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS (2)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ
1713853507-0/MalalaHilary-(2)1713853507-0-270x192.webp)
@unbelievable: The investment this article is talking about is the setting up of huge textile factories. It has nothing to do with construction contracts.
You keep spouting propaganda in your comments here. Can you tell us which country you are from?
Chinese invest in Pakistan because they get enormous "no bid" contracts, hire Chinese firms, and make enormous profit on the construction. But in general nobody wants to invest in projects where Pakistan controls the energy price .. why would you invest millions/billions in oil and gas projects only to have the State determine well head price?