LCCI For Revolutionary Measures To Attract FDI

LAHORE, (UrduPoint / Pakistan Point News - 29th Apr, 2023 ) :Lahore Chamber of Commerce and Industry (LCCI) has called for putting in order well-tailored and well-thought out measures to attract Foreign Direct Investment (FDI) in Pakistan as the existing FDI did not match the potential of Pakistan.

Talking to a group of leading businessmen here, the LCCI President Kashif Anwar, Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt said that foreign direct investment was essential to impact positively on the productivity, progress, prosperity and economic stability of the country.

They said that net FDI was US $ 2.6 billion in 2019-20, which decreased to US $ 1.82 billion in 2020-21, while in 2021-22; its volume was limited to only US $ 1.87 billion, which was extremely low. They said that the total investment in Pakistan was around 15 percent of GDP and there was a need to focus on enhancing local investment by resolving the issues faced by the industrial sector.

The LCCI office-bearers called for initiatives to remove the obstacles and hurdles that were not only hampering the growth of Foreign Direct Investment in the country but also causing frustration among the local businessmen.

They termed the political instability a major hurdle that was obstructing the growth of Foreign Direct Investment in Pakistan.

LCCI President Kashif Anwar said that rising risk perception about investing into Pakistan was hitting the entire economy and needed to be tackled in consultation with the stakeholders. He said that Pakistani mission abroad should be given task to make Pakistan's perception better in the eyes of foreigners and show them true picture of the country that was abundant with huge resources. He said that foreign investors should be informed that traditional and non-traditional sectors of Pakistan's economy were opened and offered huge investment opportunities.

The LCCI President also called for one window operation for investors to save their precious time and money, citing that one window operation would expedite the process of investment and industrialization.

The LCCI office-bearers said that investment policy of the board of Investment should be more attractive than the other regional countries while it should be equal for all. They said that broad based reforms should be introduced and implemented in consultation with the private sector.