Islamabad Chambers of Commerce and Industry (ICCI) has called for taking remedial measures on urgent basis to reverse the negative growth in the foreign investment in order to attract more foreign investment.
"Foreign Private Investment plays vital role in the development of a nation. The negative growth in the foreign investment would affect the country's economic growth", Yassar Sakhi Butt, President ICCI said in a statement issued here on Saturday.
He was reacting to the reports indicate that foreign private investment fell to $239.4 million during July-October period of 2011-12 against $610 million inflows noted during the same period last year, a decline of 61 percent. The ICCI President said that foreign investment is considered an important source of development for a country, therefore, the government should accord high importance to encourage foreign investors by creating investment friendly environment to accelerating the pace of country's economic progress.
He said that key issues including power shortage, poor infrastructure, law and order situation and other vital factors should be addressed on priority basis to improve the foreign investment condition to put the country on the track of economic growth and development. Yassar Sakhi Butt said that many countries including China, Singapore, Hong Kong, Malaysia, and UAE had achieved phenomenal economic growth by attracting foreign investment.
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