Akhlaq Ahmed Malik, Director-General, Board of Investment (BoI), has urged members of Karachi Chamber of Commerce and Industry (KCCI) to come forward for investment, saying that there is a lot of scope in agro-based industry and food stuff sector.
Speaking at a meeting of KCCI, he said that the BoI and KCCI would carry out joint studies aimed at facilitation to investors.
KCCI would help BoI in research on investment planning, and BoI would furnish feasibility reports for investment which would be made available to the entrepreneurs by the Chamber to persuade them for investment.
BoI DG said that the Board is an apex body and it is capable of providing necessary facilities for investors. If complaints are lodged for any problems like those pointed out, the BoI would take up the matters with the higher authorities and get them resolved, he added.
He urged KCCI members to make investment in upcountry agro-based and particularly the food industry. Hundreds of thousands of tons of fruit are wasted every year owing to no investment in the export business of fruits, he pointed out.
He said that BoI has also established a Board of Facilitation to provide facilities for local investors. In Karachi this board works under the supervision of the Principal Secretary to Governor Sindh, Brig Akhter Zamin. Investors should get benefit of this arrangement, he suggested.
DG BoI agreed that foreign investment has been provided with 100 percent protection including the guarantee of profit and permission to repatriate the earning and even withdraw the surplus capital from the country. But, he said, the local investment is the backbone of the economy and no progress could be availed unless local entrepreneurs come forward for investment.
He said that there was potential of investment in chemical manufacturing sector since only 10 percent of the chemicals are being manufactured indigenously. But, he said, chemical industrial units need at least 5 years to become profit earning business and it was very difficult for any local investor to sustain this period.
Elaborating the efforts made by the BoI, Malik said that the Board has changed its stance of 'Regulator' to 'Facilitator' for investment and investors.
Hamid Nisar, Acting President of KCCI, pointed out that there were many impediments for local investment.
The entrepreneurs and particularly the investors have to deal with over 30 agencies and departments for establishment of a single unit and besides have to face the harassment by both tax collecting agencies and the departments concerned. Policies related to trade and industry are always changing causing uncertainty. That is why local investor is reluctant to make investment, he said.
Akhlaq said that over 600 multinationals were functioning in the country, out of which about 300 are planning to invest in agro-based and food stuff units. All multinationals are minting money as the opportunity has been left for them on account of the lethargic attitude of both local entrepreneurs and departments concerned.
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