Pakistan offers liberal investment policy: Minister

Associated Press of Pakistan

ISLAMABAD: Minister for Investment, Senator Waqar Ahmed Khan said Saturday that Pakistan is pursuing the most liberal investment policy in the South Asian region.

In a statement he said that new incentives and further liberalization measures including reduction in foreign equity from US$ 0.5 million to US$ 0.3 million, technology and special incentives including tax relaxation are being given on the projects of social, service, infrastructure, agriculture and international chain of food franchises. We are also offering zero import duties on capital goods, plant, machinery and equipment (not manufactured locally) without discrimination to both local and foreign investors, he added.

The Minister also said that investors who invest in the newly opened sectors can import plant, machinery & equipment on concessional rates and they can also avail first year allowance of 50 per cent of the cost of plant, machinery & equipment and zero import duties on raw materials used in the production of exports is also being offered.

Senator Waqar Ahmed Khan further said that a large number of tariff and non-tariff barriers are being removed, and the negative and prohibited list of imports has also been reduced, export incentives are being broadened and Ministry of Investment is putting its best efforts to modify the visa policy of Pakistan to make it more attractive to the foreign investors.

Besides, Special industrial zones (SIZs) are being established with hefty fiscal incentives to attract foreign investment in export-oriented industries. An important achievement of Ministry of Investment in this period is that the various foreign potential companies are showing their keen interest to explore the untapped resources especially in power generation, oil and gas, agri-farming, affordable housing, infrastructure and engineering sectors, he added.

The Minister said that investment particularly foreign direct investment (FDI) is now perceived in many developing countries as a key source of much needed capital, foreign advanced technology, and managerial skills, realizing its central importance to economic development, the present government has taken wide-ranging steps to liberalize its inward investment regime and have succeeded in attracting substantial amount of foreign investment. Moreover, the present government is taking dynamic steps to further strengthen the fiscal graph of Pakistan 's economy, he added.

Senator Waqar Ahmed Khan reiterated that Ministry of Investment is meant to facilitate the local and foreign investors, and we believe in open door policy and Government of Pakistan is earnestly trying to restore the confidence of foreign investors.

Kat incompatible with Sallu

GRENADA: Dale Richards plays a shot on the first day of second Test against Bangladesh.