Karachi (PR): President FPCCI Zubair Ahmed Malik on Saturday said Pakistan offers best investment-friendly and incentives-driven policies in the region offering countless opportunities to foreign investors.
Pakistan offers over 180 million consumers, huge untapped resources, fully convertible currency, unrestricted equity, unconstrained profit repatriation, no compulsion for a local partner, no double taxation and attractive tax breaks which has so far lured 600 multinationals with 100 from UK into this promising market, he added.
Western investors shouldn’t let organised propaganda scare them away from exploring enormous investment potential in different areas including energy, oil and gas exploration, coal mining, infrastructure, communication, telecom, agriculture sector and dairy development, he said.
Malik Zubair Ahmed said this while talking to a group of British journalists including Fatima Ruiz Moreno, Paulina Gallardo and Benjamin Gavina, who called on him at FPCCI Capital Office.
The FPCCI Chief said that many leading global groups want to invest in Pakistan, the world’s sixth largest country by population, to enjoy higher returns, but western journalism has been scaring them away by defacing us.
Western media calls us a partner in so-called war on terror but continue to project security environment in a way which is far from the reality while conveniently ignoring the price Pakistan has paid in this war which has adversely affected our growth and shattered the very fabric of society.
Malik Zubair said that we have unmet demand for energy, housing, transportation, health, education, unexploited mineral deposits and one of the largest and least exploited coal reserves in the world which is an opening for the foreign investors.
To a question, he said, “Yes there are some problems regarding law and order, energy, large budget deficit, rising cost of doing business, governance, transportation, and infrastructure etc.”
But, he underlined, these issues have not deterred Chinese, Koreans, Indians and Arabs and others from investments in Pakistan therefore it shouldn’t discourage the west.
To another query, he said that business community will whole-heartedly support privatization initiative of the government if it is transparent and backed by reforms as country cannot afford to waste Rs500 billion annually to keep inefficient SOEs afloat.
He observed that IMF has double standards, it has remained benevolent to the west and harsh on others which is evident from the recent $6.6 billion deal with Pakistan which will intensify poverty.
A very promising and bright future awaits Pakistan which fulfils all the prerequisites for a developed nation, concluded Malik Zubair.