Last update: Tue, 27 Sep 2016 03am

Business and Economy: Pakistan


Foreign Direct Investment (FDI) maintained a downtrend trend and fell by over 53 percent during the first two months of the current fiscal year. Analysts said although the economy has performed well during the last two years, however there are several more issues, which need to be addressed for attracting fresh foreign investment. "As per reports, Pakistan is ranked lowest among the ease of doing business index and it is believed that lack of suitable business environment is a major hurdle in the way of foreign investment," said Khurram Schehzad, an analyst.
Commercial Counsellor of Turkey Murat Mustu has assured business community to take up their issues and problems pointed out during a meeting with Turkish government. He agreed that the bottlenecks pointed out in the meeting are major cause of low bilateral trade between the two nations. Speaking at a meeting of Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he said that Free Trade Agreement (FTA) between Pakistan and Turkey will double the existing bilateral trade.
Federal Minister for Information, Broadcasting and National Heritage Senator Pervaiz Rashid said that Pakistan would be able to act as a bridge between the Asian, European and African continents. The Minister who is currently in China said this while addressing the inaugural session of the Silk Road International Cultural Expo here Tuesday.
Economists have projected that China Pakistan Economic Corridor (CPEC) is expected to enhance economic growth of the country by 2 percent by 2020 and an additional 1.5 percent by 2030, besides creating 1.5 to 2 million jobs per annum. However, they raised questions on transparency in CPEC projects, while terming the 17000MW energy projects worth over $34 billion as the most expensive.
Punjab Chief Minister Muhammad Shahbaz Sharif presided over a high level meeting here Tuesday which decided to set up an autonomous authority with regard to promotion of trade activities and increasing business opportunities in the province. The Chief Minister directed to take speedy measures for setting up the authority and said that senior officers and leading personalities from private sector should be included the authority.
The British government is fully supporting the welfare-oriented policies of the provincial government in different sectors and the Department for International Development (DFID) will continue to extend its cooperation. The provincial representative of the DFID, United Kingdom, Ben French, said this while talking to LCCI Senior Vice-President Almas Hyder at the Lahore Chamber of Commerce and Industry on Tuesday. A number of issues including Pakistan regional trade, trade with Afghanistan,
The Punjab Provincial Development Working Party approved six development schemes of various sectors with an estimated cost of Rs 2127.89 million on Tuesday. The schemes were approved in the 15th meeting of Provincial Development Working Party (PDWP) of current fiscal year 2016-17 presided over by the Punjab Chairman P&D Board Muhammad Jahanzeb Khan.