- Committee to present report within 10 days
Prime Minister Shehbaz Sharif constituted on Monday a committee to address the problems faced by foreign companies especially those investing in the Gwadar Free Zone. The committee is meant to present its report within 10 days.
Chairing a high-level meeting in Islamabad, the PM reviewed the investment situation in the country, and directed that all obstacles to foreign investment in the country should be removed immediately, a statement by the Prime Minister's Office (PMO) said.
Moreover, the PM said Chinese investment companies should be facilitated on a priority basis, adding that all the hurdles in the acquisition of visa by Chinese workers should be removed.
PM Shehbaz directed that the visa procedure should be simplified and fast-tracked.
The PM was briefed about the companies interested to invest 10 billion dollars in energy, infrastructure, railway, port infrastructure and other projects. PM Shehbaz was also informed that the investment of one to two billion dollars was expected to flow in immediately during the first phase.
These projects will not only provide 45,000 jobs but will also improve Pakistan's Ease of Doing Business Index.
The Investment Board and the Ministries of Planning and Finance have been instructed by the PM to collectively frame a comprehensive plan regarding these projects.
In July, the federal cabinet had approved the Inter-Government Commercial Transaction Act-2022 to enhance foreign investment in the country at the government-to-government level.
The cabinet approved the Government Commercial Transaction Act, which was sent by the Ministry of Law and Justice and recommended it be submitted to the relevant parliamentary committee.
The meeting was told that this law will help in increasing the confidence of the foreign investors and raise foreign investment in Pakistan. The law will also support government-to-government (G2G) development agreements.