LAHORE, Jan 6: The government has decided to give protection to investments for the next 10 years by legislation through the parliament.

This was stated by Federal Minister for Investment Senator Waqar Ahmed while addressing businessmen and industrialists during a visit to the Lahore Chamber of Commerce and Industry on Tuesday. He said that the draft investment protection law would be moved in the National Assembly and the Senate for legislation after approval by the federal cabinet.

It would not only give full protection to the investments, bilateral trade agreements and projects but would also ensure their implementation in letter and spirit.

He said that the government wanted to attract maximum investment and had created a full-fledged ministry for the purpose. The government wanted to facilitate investors by ensuring protection of their investments. It is organising investment conferences abroad to highlight its investment-friendly policies and opportunities for investment in different sectors of the economy.

He said the government and the private sector should work as a team to wipe out impact of the global economic recession. The economy maintained 4 per cent GDP growth and IMF had expressed confidence in its policies by sanctioning a loan.

He said the government was trying to resolve the economic crisis by clearing the Rs3.5 billion circular debt inherited from the previous regime. The interest rates have to be increased to control inflation under the IMF agreement.

The government was developing a 4,000-acre industrial zone with 10-year tax holiday and duty free import of machinery for the Chinese investors near Lahore. Similar zones would be developed for foreign investors in other parts of the country.

----The minister promised to take up the issue of extension in credit reporting period with the ministry of finance as 90 days period was too small in the existing scenario. He said the government proposed to constitute a committee comprising provincial home secretaries headed by the interior minister to tackle the law and order problem.

Lahore Chamber of Commerce and Industry President Mian Muzaffar Ali said that investment situation in the country was not encouraging. The wheel of industry has slowed down and was likely to be jammed in case proper measures were not taken for resolving the crisis created by the gas and power load-shedding.

All Pakistan Textile Mills Association Punjab chairman Akbar Sheikh said that power load-shedding could be reduced considerably if the government cleared the dues of the IPPs, which have suspended production due to financial problems. Two thermal power plants near Lahore were lying closed due to non-payment of dues.

The LCCI senior vice-presidents Tahir Javaid Malik and Irfan Iqbal Sheikh also spoke on the occasion.