ISLAMABAD: Minister of State and Chairman Board of Investment (BoI), Dr. Miftah Ismail here on Monday reaffirmed the government’s commitment for extending all possible facilities to foreign investors to encourage and attract direct investment for the prosperity of the country.
Addressing the first ‘Pak-Belarus Business Forum’ organized by BoI, he said that the event would help to explore trade and investment opportunities existing between both the countries.
Besides the other objectives the forum was held to finalize the areas of cooperation in different sector of economies as well as cementing the existing trade relation before the first ever official visit of President of Belaurs who would arrive here on Tuesday.
Chairman BoI reiterated the government’s resolve for enhancing the bilateral trade which was currently stood at US$ 30 million per annum by motivating the businessmen of both the countries.
He informed the delegates that Pakistan was blessed with natural resources with second largest middle class population which was offering opportunities for investment in different sectors of national economy to tackle the increasing demand.
Every sector of the national economy was open for investment including energy generation, infrastructure development, fruit processing, textile, spinning, mining, oil and gas.
Recently, he said that Pakistan had signed memoranda of understanding for multi billion dollars projects under China-Pakistan Economic Corridor (CPEC) in different sectors of national economy including power generation, infrastructure development and trade promotion.
He further said that Pakistan was only country which was offering safe and secure investment opportunities with 100 percent ownership and special incentives for establishment of business.
The government has established special economic zones (SEZs) across the country and announced special tax incentives for the import of machinery for setting up industry, he added.
He called upon the Belarusian investors to take the advantage of these lucrative investment opportunities and establish their own economic zone in these SEZs as many of the countries has already established their zones for setting up their business.
Miftah Ismail said that Belarus was expert in mechanized agriculture and its tractors was popular in Pakistan. He urged the Belarus for establishing its tractor manufacturing unit here to help in mechanization of agri-sector of the country.
Highlighting the economic progress and achieved during last 20 months, he said that due to prudent policies initiated by the government fiscal deficit came down 5 percent which was recorded at 8 percent of GDP in 2013 adding that government was determined to further reduce it to 4 percent.
BoI head said that revenue collection has showed 16 percent increase as compared to last year adding that remittances was increased by 17 percent and inflation was recorded lowest ever at 3 percentage.
Speaking on the occasion, Minister for Industry Republic of Belarus, Vitaly Vovak said that the investment forum would enable the businessmen of both countries to share their knowledge and experiences for promoting the bilateral trade and investment.
He said that Belarus was producing average 60 thousand tractors annually besides producing other high quality produces of agri-machinery and produces advanced quality trucks.
Briefing the delegates, Secretary BoI, Iftikhar Babar said that the event would provide a plate form for sharing knowledge to cement trade and investment relations.
He said that over 1000 multi national companies were operating in the country and non of them has closed their business or suffered any loss during last several years.
He called upon the Belarusian investors for investing as FDI has shown significant increase and reached at $1.6 billion.
On the occasion, 6 memorandum of understandings were signed between private sector companies of both the countries to enhance bilateral trade and investment besides an MoU was signed between Punjab Board of investment and Belaz company to enhance cooperation.
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The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
— The Daily Mail - People's Daily