President Mamnoon Hussain has said that Pakistan offers one of the most liberal foreign investment regimes in South Asia under which foreign investors are allowed to hold 100% ownership and government offers attractive incentives and generous tax concessions to investors and called upon the investors to take advantage of it.
The President said this while addressing the 2nd Pakistan Investment Conference organized by Board of Investment (BOI) at the Aiwan-e-Sadr, Islamabad on Wednesday.
The President stated that Pakistan is emerging as a mature and stable democratic state adding that the government is taking concrete measures for the benefit of the people. The President said that the positive changes occurring in the economy and Pakistani society make the country an attractive destination for both domestic and foreign investment. He added that Pakistan is blessed with important geographical location as on one side there are Gulf States and on the other are Central Asian States to which Pakistan can provide access to sea for expanding regional trade to the collective benefit of all. All these factors combined with the large population make Pakistan an important country and an attractive place for investment, said the President.
The President observed that three factors stunted the investment and growth of country’s economy; energy crisis, weak fiscal discipline and terrorism. The President said that the present government after coming into power paid full attention on resolving these issues through various initiatives and measures. The President stated that the government is diligently working on various energy projects including on hydel and coal projects to increase the production of electricity. He hoped that once all the energy projects are completed in the next 2 to 3 years electricity loadshedding would either be completely eliminated or greatly minimized. The President said that the government has created a favorable environment for robust business activities by curtailing unnecessary expenditure, deregulation and ending the culture of SROs. As a result of these measures, economy is on turnaround, foreign exchange reserves are increasing, budget deficit is reducing, and inflation is on downward trajectory, remarked the President.
The President stated that operation Zarb-e-Azb against terrorism and extremism is in its final phase noting that the law and order situation in the country has improved to a great extent. The President emphasized that the government has decided to continue action against terrorists until the goals are achieved. The President underlined that the government has taken many important measures to promote foreign investment in the country adding that foreign investment is fully protected under the law and repatriation of capital and profits is freely allowed.
The President said that China-Pakistan Economic Corridor (CPEC) is set to change the fate of the entire region and kickstart an economic activity of unanticipated proportions as not only Pakistan but the whole region is going to become a hub of industrial growth, trade and economic development. The President invited foreign investors to make the most of this opportunity to the benefit of all.
The President appreciated BOI on organizing the conference adding that such events are important in showcasing the investment opportunities in Pakistan and attracting domestic and foreign investment in the country.
Dr. Miftah Ismail, Minister of State/Chairman BOI, Mr. Atif Bajwa, Chairman Overseas Investors Chamber of Commerce & Industry and Mr. Bruno Olierhoek, Managing Director & Chief Executive Officer, Nestle Pakistan also addressed the Conference. The conference was attended by Belarusian Minister of Industries Mr. Vitaly Vovk, parliamentarians, heads of prominent investment companies and CEOs, foreign and local investors, diplomats and high government officials.