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Proposed investment policy to provide incentives in attracting maximum FDI

Proposed investment policy to provide incentives in attracting maximum FDI

FAISALABAD: Foreign Direct Investment (FDI) is imperative for comprehensive, organized and sustainable industrial growth and the proposed Investment Policy-2020 will provide much needed incentives and confidence building measures to attract maximum FDI, said Engineer Ihtasham Javed President Faisalabad Chamber of Commerce & Industry (FCCI).

He was addressing a 2-day digital conference organized by the Executive Development Institute (EDI) of the National school of Public Policy (NSPP). The topic of this online course was “Enabling environment for Ease of Doing business” (EDB).

Engineer Hafiz Ihtasham Javed said that Pakistan was a role model for developing countries in 1960s but nationalization in 1970s nullified the entire economic gains and unprecedented retrogressive growth initiated which was still haunting the nation as well as economic managers. Later different “formula” policies were introduced which also failed to yield any tangible results due to non-consistency in policies, he said.

He said during this period successive governments introduced adhoc and cosmetic policies due to limited breathing space and thus they failed to dispel the genuine grievances and reservations of the private sector.

Engineer Hafiz Ihtasham Javed termed the CPEC as a major step for economic development with hefty FDI and resolution of energy related problems.

He said the second phase had started with relocation of hi-tech Chinese industries in close collaboration with Pakistani investors, however, an organized viable and trustworthy regulatory system is necessary to restore the confidence of the foreign investors. He said the board of Investment (BOI) has started work on a new investment policy which is in the final stage, however concerned stakeholders would be consulted before giving it final touches by enshrining their doable proposals and suggestions. He said that a special ombudsman for this sector would also be appointed very soon. Continuing, the President FCCI said that only seven special economic zones were developed from 2012-18 while another ten were being developed during last two years.

Earlier, Madam Sameera Yasin Dean Executive Development Institute (EDI) explained in detail the course outline and its methodology. The Rector National School of Public Policy (NSPP) presented an address of welcome while Ms. Maleeha Bangash gave a comprehensive overview of FDI. Topic of her lecture was “How far Regulatory Framework and Financial Institutes can channelize FDI in Paskistan”.

Among other speakers include Muhammad Azam Chaudhry, Ms. Fareena Mazhar, Saquib H. Shirazi, Dr Saeed Shafqat, Nasim Baig and Hamed Yaqoob Sheikh.