Pakistan woos foreign investors
Dubai | By Ashfaq Ahmed, Staff Reporter | 04/06/2004
Pakistan's Federal Minister for Industries and Production Liaqat Ali Jatoi said the upcoming national budget would be business-friendly, offering various incentives and relief for businessmen and foreign investors.
"We have already introduced a number of incentive packages both for local and foreign investors. There will also be drastic changes in the investment policy to lure more investors to the country," he said while addressing a function organised by the Pakistan Business Council in Dubai.
Jatoi said the government would open Business Felicitation Centres in every major city.
"Anyone interested to set up business will be helped to complete all formalities within 10 days from getting the licence to electricity connection," he said.
The government is taking strict measures to eliminate red tape in offices, and he warned corrupt elements in government offices to refrain from putting hurdles in the way of investors.
While outlining some of the incentives for businessmen, Jatoi said that Pakistan has witnessed 17 per cent growth in the industrial sector in the past year and this indicates the great opportunities it offers for investment.
"It is because of good governance, better management and incentives offered to businessmen," he said.
Jatoi said that the recent wave of violence and killings in Karachi would not hinder investors from coming to Pakistan.
"It is happening everywhere in the world and we have to bear with it. We have decided not to be bogged down by terrorism as we are committed to fight against any kind of terrorism," said Jatoi.
He invited both overseas Pakistanis and foreign investors to invest in Gawadar Port project.
"The first phase of the Gawadar free zone project will be ready by 2005. The facility is open to all and consists of airport, five star hotels, and multi-story buildings," he said.
He said that the government is also establishing Textile City at the Port Qasim in Karachi, which again is good opportunity for investors to set up business.
"We are also establishing two Engineering Parks one each in Karachi and Faisalabad to facilitate industries," he added.
Najeeb Abbasi, Commercial Counsellor in the Consulate General in Dubai, said the investment opportunities in Pakistan have become irresistible as a result of the new incentive packages for investors. |
