ISLAMABAD, April 2: The National Assembly Standing Committee on Privatization on Saturday approved the draft bill of the Foreign Private Investment (Promotion and Protection) Amendment Bill 2005 to safeguard the interest of the foreign investors. The committee headed by its chairman, Syed Muhammad Asghar Shah after discussion approved the bill to be presented to National Assembly.
An official announcement said that the Minister for Privatization and Investment Dr. Hafeez Shaikh informed the committee that the amended bill was aimed safeguarding the investment of foreign investors.
Mr. Shaikh said that in case of any dispute pertaining to foreign investment/investors, the High Court would adjudicate the case within a period of six months. All the pending cases with the lower courts will also be transferred to High Court after enactment by the Parliament.
