ISLAMABAD, Jan 28: The Task Force on Investment here on Tuesday identified impediments like law and order situation, excessive utility charges, drawbacks in tax system and absence of commercial courts which were hampering investment in the country.
“The main problem is of implementation which we intend to overcome”, said the chairman, Board of Investment (BoI), Waseem Haqqie.
He told the meeting of the task force that investment bodies like BoI, CCoI (Cabinet Committee on Investment) and PCoI (Provincial Committees on Investment) were in place to ensure promotion of both the local and foreign investment.
“And we intend to focus on domestic investors as the success stories at home will provide impetus to foreign investors”, he added.
The meeting was chaired by Dr Hafeez Shaikh, Adviser to the Prime Minister on Investment ad Privatization, to consider recommendations for the integrated approach to investment promotion and to remove the impediments in the way of foreign and domestic investors. The meeting was attended by a number of leading business leaders of the private sector, intellectuals and academicians.
According to an official announcement, Ali Nawaz Memon, Senior Financial Consultant of World Bank based in Washington gave a detailed presentation for the investment promotion. He listed positive as well as negative factors hampering the flow of investment.
Highlighting a number of positive indicators, Mr Memon pointed out that despite problem of negative perception of Pakistan abroad, there were many positive factors like upward movement of economy, re-establishment of democracy, Pakistan’s cooperation with international community on terrorism related issues, high return on foreign funded investment projects and high level of foreign exchange reserves.
Vince Harris, CEO of Hubco, suggested that the government should peep into the minds of investors and draw a line between what can be done and what cannot. Small facilitation gesture like visa relaxation and approval by e-mail and simplification of procedure are some of the things which can be implemented quickly.
Referring to his experience in China, he emphasized the need to make BoI an effective body like MOFTEC of China (Ministry of Foreign Trade & Economic Relations) which is empowered to do away with the procedure to provide facilitation to the investors at one window.
He hoped that the committee will be able to chalk out a game plan for submission to the BoI for approval and implementation. Dr Hafiz reaffirmed the government’s firm resolve to bring in improvements in the national economy on permanent footings with the help and active support of private sector.
Haqqie pointed out that during the last three years things have started moving in the right direction and policies were made in consultation with the private entrepreneurs.