ICCI asks government to formulate conducive policies for promoting FDI

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) has urged the government to make more conducive policies for attracting local and foreign investment in the country, which was very important to steer the economy out of current challenges.

Fatima Azim, acting president and Abdul Rehman Khan, vice president, Islamabad Chamber of Commerce and Industry said that as per latest data issued by the State Bank of Pakistan, the country received $952 million foreign investment during July-December 2020 compared to $1.357 billion in the same period of last fiscal year.

They said that the economy of Pakistan was facing many challenges due to Covid-19 pandemic and in these circumstances, promoting FDI was a good option to improve the health of the economy.

They said that many overseas Pakistanis as well as foreign investors were interested to invest in Pakistan, but they needed a more conducive environment and consistent economic policies to invest in our country.

Fatima Azim said that many countries including China, Hong Kong, Singapore and South Korea have achieved fast economic growth by focusing on FDI and stressed that Pakistan should also pay preferential attention to promoting FDI.

She said that boosting FDI was important for Pakistan to supplement domestic investment, accelerate industrialization and business activities, improve revenue growth, create jobs and reduce poverty.

ICCI acting president said FDI was also crucial for upgradation and modernization of the industrial base of the country to increase exports and urged that the government to use all possible options to promote foreign investment as the potential of many sectors of Pakistan’s economy could not be realized without fetching more FDI.

She was of the view that facilitating the local investors was very important to encourage FDI as when local investors would enhance investment in Pakistan, it would give more confidence to the foreign investors to invest in our country.

She said that the government should bring reforms in the tax regime for investors and formulate new investment policies to attract maximum local and foreign investment in the country.

She further urged that the government to address key issues of the business community on priority basis to facilitate the growth of business activities that would also attract more foreign investment to Pakistan.