ISLAMABAD: Huge amounts of pending tax refunds, poor protection of intellectual property rights (IPR) and poor governance standards in Pakistan are challenges inhibiting inflow of foreign direct investment and act as pollutants for business climate.

Speaking to journalists here on Wednesday, President of Overseas Investors Chamber of Commerce and Industry (OICCI) Asad S. Jafar said the business community had pinned hopes with the PML-N government. The hopes increased with last year’s budget decisions, however, the government failed to deal with the issues of energy supply and ease of doing business.

He said that Rs26 billion tax refunds were held up by the FBR. He said the government would have to show demonstrable support for protection of IPR, a key indicator of business climate closely monitored by existing and potential foreign investors, to encourage large quality investors into Pakistan.

Published in Dawn, November 27th , 2014