Karachi, November 10, 2015 (PPI-OT): The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday demanded immediate reforms in the Board of Investment (BoI) at the institution in discouraging investments in Pakistan.
While lauding Prime Minister Nawaz Sharif’s economic vision the FPCCI Vice Presidents Khawaja Zarar Kalim, Hameed Akhtar Chadda and Mian Akram Farid said that bureaucracy continue to pollute investment climate in Pakistan which is unacceptable.
They said that the recently held Pakistan Investment Conference in Islamabad remained counterproductive which has only helped its top brass to produce flowery statements but there was nothing on ground.
“This was wastage of resources which the country cannot afford,” the FPCCI VPs said in a joint statement, adding that the useless forum failed to address foreign investors who have been shying away from Pakistan.
They said that CPEC projects, as well as the government’s initiatives in the energy sector, spanning LNG, solar, wind and coal sector are laudable but investors will look at more than just the stakes being acquired by a foreign partner in Pakistan.
Meanwhile, Chairman Coordination FPCCI Malik Sohail said that BoI has become highly politicised institution with misplaced priorities which is not helping country regain confidence of local or foreign investors.
Repatriation of profits and dividends by most transnational companies and foreign investors has surged dramatically in the last couple of years as foreign private investment continued to plummet for which some heads must roll, he added.
Events such as the investment conference serve as valuable forums to advance the country’s interests provided all the stakeholders are respected and taken on board which is an essential ingredient for national development.
For more information, contact:
M. A. Lodhi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: +92-21-35873691, 93-94