Difficult decisions taken for brining economy on track: Hafeez

Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh has said that the government has taken difficult decisions for brining the economy on track after assuming office 2008. He said that there have been certain upheavals in our economy particularly in the wake of the 2010 floods, and increase in oil prices at the international level.
He was talking to the large delegation of Pakistan-British Trade and Investment Forum led by Sir Thomas Harris, here on Monday. The Federal Minister elaborated at length the salient features of present government Investment Policy and said that under this policy we give equal treatment to local and foreign investors, and it is open to all economic sectors with foreign equity up to 100 percent without any requirement for government permission.
Elaborating further, he said that Pakistan has of a number of Export Processing Zones and Industrial Estates right from Karachi to Khyber Pakhtunkhawa. He also highlighted that the foreign investment in Pakistan is fully protected under the Reform Act 1976 and protection of Economic Reforms Act 1992.
We have an outstanding credibility at the international market with a number of bilateral agreements with more than 47 countries, including United Kingdom and Avoidance of Double Taxation Treaty with 52 countries including UK, the Minister added. The essence of our investment policy that it guarantees repatriation of 100 percent capital, profits and dividends.
The minister also gave a detailed resume of the present system under which the Supreme Court, the Judiciary and the Public Accounts Committee are quite vibrant and active to ensure the transparency in every financial and commercial transaction taking place in the country. The members of the delegation asked certain quarries about the investment policy and about the vibrancy of banking sector in Pakistan to the minister.
The minister further highlighted that due to the difficult decisions that have been taken by the present government the remittances have increased up to more than 11 billion and exports are touching the highest ever record of $24 billion and $17 billion foreign exchange reserves.-PR