Govt attracting foreign investment to create jobs, says Asad
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KARACHI: Finance Minister Asad Umar has said that the government is pursing an investment-led export growth model in short- and medium-term for early recovery of the economy and providing jobs to youth.
In an interactive session with foreign investors at the Overseas Investors Chamber of Commerce and Industry (OICCI) on Saturday, the minister agreed with the chamber’s recommendations that digitisation, data analytics and data mining will be leveraged to leapfrog the government efforts towards good governance and more importantly for broadening of the tax base.
He confirmed that the country is out of the immediate balance of payments crisis and is working on a clear path for recovery, adding that the benefit of the revised economic strategy may be visible during the next six to nine months.
He also briefly shared a holding company model for rehabilitating the state-owned enterprises (SoEs). “The government is soon going to engage the private sector to leverage the benefit of CPEC projects by putting up manufacturing facilities in various sectors,” he added.
He assured the OICCI members of addressing their concerns on tax refunds, higher circular debts and issues of delayed remittances in the ongoing fiscal year.
Speaking on the occasion OICCI President Irfan Wahab Khan said the chamber is soon going to share a comprehensive “OICCI Digital Pakistan” recommendation with the government to lead the country into an era of digital and financial inclusion and good governance.
Published in Dawn, November 11th, 2018
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Comments (39) Closed
Nov 11, 2018 11:48am
Investors are queuing in large numbers outside pak missions in World Capitals for their Business Visas
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Nov 11, 2018 12:48pm
@Gin, and your point
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Nov 11, 2018 01:04pm
Really, foreign investments in this law and order situation. You are joking.
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Nov 11, 2018 01:14pm
Be careful, these investors are generally quite slippery!
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Nov 11, 2018 02:04pm
@Gin, Did you see them queuing, and which world capitals.
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Nov 11, 2018 02:22pm
@Ahmed Mobeen, Sarcasm
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Nov 11, 2018 02:24pm
Speak anything you feel good!! It's time to focus on IMF negotiations elections are over now shut the pitara of leis.
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Nov 11, 2018 02:51pm
Once CPEC will be done, the investors will come and we will reject.
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Nov 11, 2018 03:09pm
Great, Imran Khan is a game changer.
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Nov 11, 2018 03:28pm
How? With such mercurial business environment especially Dharna and rioting which investor would be able to invest?
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Nov 11, 2018 03:56pm
Invest and forget returns environment is not suitable for investors
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Nov 11, 2018 04:03pm
under the prevailing situation... seriously... Without economic development, any potential for political openness and freedom will be questionable. how do we go about? by eliminating social evil in whichever form it exists..remember misery breeds fundamentalism, extremism, crime, and total chaos. Economic development and poverty alleviation are so complicated that I don't think there's a single background or a single discipline that is sufficient to tackle these great human problems. we have to fight it on various different forums against all the odds. we have to stay firm and the commitment has to be fulfilled for the sake of our future generation and that is if we really care..
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Nov 11, 2018 04:15pm
They are not ready to play cricket in Pakistan,forget about investors..
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Nov 11, 2018 04:55pm
What took decades to destroy, i.e. the system, cannot be re-build in a month. Just compare Ayub's state visit to UK with Nawaz Sharif 20+ stopovers in London during his last term. If Pakistani want their country to prosper, they have to contribute towards its coffers through taxes.
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Nov 11, 2018 05:26pm
Very good news . Pakistan is on the right track soon will have money pouring in country and per capita income will increase and will be equal to China
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Nov 11, 2018 06:16pm
This weeks Economist article about Pakistan; Forget about foreign investors, if you can hold your Pakistani investors in Pakistan that would be something to be proud off.
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Nov 11, 2018 06:17pm
@Khawaja Nasir, Wake up please.
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Nov 11, 2018 06:31pm
What else can he say to remain afloat, make his presence felt amongst the current "movers and shakers" in Islamabad, present a rosy financial picture while he is at the helm, get counted and enjoy the limelight of the powerful media outlets?
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Nov 11, 2018 06:39pm
@Dr. Salaria, Aamir Ahmad, no one wants to be in your club..hang tough.
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Nov 11, 2018 06:40pm
After Aasia Bibi dharna, no foreign private investment will come to Pakistan for next 5/10 years
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Nov 11, 2018 06:46pm
By investments, Do you mean More loans and projects on Chinese terms
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Nov 11, 2018 06:51pm
Imran Khan should take pointers from Dar. After all he was awarded "Best Finance Minister" by "Emerging Markets", a magazine later found to be funded by the Pakistani government
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Nov 11, 2018 07:06pm
He just says words without even knowing their meaning
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Nov 11, 2018 07:47pm
Developed countries especially western ones are always looking for cheap labor and conducive physical environment to generate profits and safety of their capital investments.
Our government must guarantee both to attract foreign capital. Our government must realizes all parties to include religious ones the importance of political stability.
Look at Bangladesh as there are many foreign companies operating and making garments to other semi big standards products.
Thanks Mr. Foreign minister to keep our nation engage.
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Nov 11, 2018 07:53pm
Such paradoxically stated aim & objectives to attract foreign investment, by keeping in view ground realities is a Quixotic approach & in totality a pipe dream. The latest frenzied voilent mob, comprising of religiopolitical groups which for all practical purposes represent undemocratic force, bringing the whole country to a standstill for 3 days in a row, in not going to attract any foreign investment for sure. If one look back, the foreign investment took a negative turn since last year & since then seeing a continuous devaluation trend of currency, it has been a wait & see attitude by both local & foreign investors. Nothing much has changed but add on is the emergence of this voilent and unruly crowd who challenging the writ of the State & getting away easily, is not a good investment climate for foreseeable future. The temporary breathing space provided by bridge financing of our immediate needs, is going to wither away soon & we will be back to square one, unless we change course.
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Nov 11, 2018 08:58pm
@Amjad Durrani Engineer USA, - can't you write viable and productive comments to boost readers and government confidence? In USA you guys are always considered a second rate citizen that impact your thinking proces as you guys are not sure of your employment and a part of their society. Living long in mentioned environment changes a person's image of the world. Could it be the same case with you. I think so as it reflect from your emai name.
Don't compare Pakistan to USA or any other western country yet. Pakistan is on its verge to change. And please cut down on your verbose and pompous words. Thanks
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Nov 11, 2018 09:59pm
Business in the country has ceased to progress! Focus on that first Mr Asad U
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Nov 11, 2018 10:42pm
Why tell this ,only will encourage the oppositions leaders to do something to derailed this! Talk about it after ,when the investments are established !
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Nov 11, 2018 11:37pm
The culture of folks trained by ppp & pml n is the lethal factor in business development in the country.This has to be dismantled and dicourage the business mindset of corruption & taxevation.There is no place of lies in business, honesty is the main factor in business stability, what you show as sample must be delivered the same at demanded deal.Learn from China.Country is quit stable for foreign investment by overseas of the country, as an initial step.Minor instabilities are by the enemies of the country to stop FDI.
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Nov 12, 2018 12:40am
Privatization is the magic key to economic richness. Capitalism drives money and money pays the rent at the end of the month.
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Nov 12, 2018 12:48am
@mansoor , You said it my friend very loudly and clearly too. Thank you.
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Nov 12, 2018 03:39am
PM imran khan niazi claimed that saudi arabia will lend $3 billion to pakisstan - but that money has never been sent -- another surrender by pakistani PM niazi
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Nov 12, 2018 03:39am
@Sheroo, Why not? I am an overseas Pakistani and am keen to invest and so are many of my friends. Some of the changes are already favourable, if the others can be implemented we would be very keen to invest heavily.
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Nov 12, 2018 07:16am
But what about the local investors ?
Why can't you first pay maximum attention to those who want or wish to invest abroad.
Think about the reasons.
And when there are no such systems of assistance and assurance to the local investors, how will foreign ones be attracted and when the currency value of a country is low, how much profit any foreign investments would make.
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Nov 12, 2018 07:22am
And exactly in which sectors are they investing in?
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Nov 12, 2018 07:32am
@Ahsan Gul, So sorry to read your comment on Amjad Durrani & being an ardent follower of Dawn ; I do read views of both of you. When you say that people like Durrani are 2nd class citizens in USA; I respectfully disagree with you, as not sure whether it is your own experience. Does everyone have to write viable and productive comments to boost readers and government confidence? Is that your definition of commenting on Dawn ? Sometimes one has to be realistic & practical & caution the readers just in order to create awareness and that is exactly what Mr. Durrani did when he says "The temporary breathing space provided by bridge financing of our immediate needs, is going to wither away soon & we will be back to square one, unless we change course."
BTW; please allow me to point out that I too belong to class of people like Durrani but our heart cries out for our country of birth & we write with hope that things change for people like you.
With Love from an Indo Canadian immigrant.
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Nov 12, 2018 09:54am
I love Pakistani politicians indefinite optimism and people's indefinite patience with them.
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Nov 12, 2018 11:36pm
Day dreaming is ver bad habit
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Nov 13, 2018 07:45am
What you are doing is taking too long. 10 yrs of NRO has taken patience out of us.
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