Karachi: Mr. Saquib Fayyaz Magoon, Acting President FPCCI, has said that the absence of a centralized, updated and all-inclusive database of Pakistani businesses is a major obstacle in attracting the foreign direct investment (FDI) to Pakistan; and, when it comes to Board of Investment (BoI)’ initiatives, setting up of Pakistan Business Portal is FPCCI’s principle demand. It is heartening to note that BoI is already working on the portal; nonetheless, FPCCI demands that it should be prioritized and launched with consultation of the business community, he added.
Mr. Saquib Fayyaz Magoon, Acting President FPCCI, maintained that the apex body is focused on policy advocacy in FDI, industrialization and exports as that is the only way to bridge current account deficit (CAD) and trade deficit of the country on a sustainable basis.
Acting FPCCI Chief highlighted that the biggest question mark for foreign investors in the country is the volatility in rupee value as the depreciation has caused the value of foreign investments decrease substantially and render them unprofitable in real terms. Additionally, Pakistan has also witnessed restrictions on outward repatriation of profits by multinationals and investors from abroad; which discourages them to invest or reinvest in the country.
FPCCI’s demand of appointing a focal person at BoI was also accepted by Secretary BoI as he appointed Director General of Investor Facilitation, Mr. Nadeem Bashir, as the focal person for FPCCI.
Dr. Sohail Rajput, Secretary of the Board of Investment (BoI), Government of Pakistan, apprised the high-profile session at the apex body’s head office that the economy has stabilized over the last year; which shows that the economic policies are going in the right direction. He gave credit of the improved situation to the strict fiscal discipline and compliance with the conditionalities of International Monetary Fund Standby Agreement (IMF-SBA).
Dr. Sohail Rajput explained that Special Investment Facilitation Council (SIFC) has been set up to provide one-window solution to the investors; and, have started to boost investor confidence in the country. He gave briefing to the FPCCI Office Bearers on Pakistan Regulatory Modernization Initiative (PRMI); which has received necessary approvals from the government; which is aimed at to streamline the process of setting industries in country through bringing NOCs and licenses’ issuance under one-window.
Mr. Zaki ijaz, VP FPCCI, proposed that Business Facilitation Centers should be set up in all major cities of the country to bring all investor and business services of the Government of Pakistan under one-roof. In that manner, the business community will truly experience one-window operations, he added.
Mr. Aman Paracha, VP FPCCI, discussed lack of continuity in economic policies as one of the substantive bottlenecks – which not only prohibits foreign investors but also domestic investors. Ms. Qurrat Ul Ain, VP FPCCI, expressed her profound concerns that less than 1 percent of the total entrepreneurs in the country are women; and, how come a country can progress when upwards of 50 percent of its population is not encouraged to be part of businesses.
