Govt encourages private sector to set up industries in Pakistan
Islamabad—Minister of State/Chairman, Board of Investment (BOI) Dr. Miftah Ismail, Tuesday, invited the investors of Pakistan Business Council (PBC), UAE to take benefit from the investment opportunities available in different sectors of the Economy like automobile, food and food processing, energy, power, Oil and Gas, dairy products and livestock etc. in Pakistan.
He stated this while talking to Ahmed Shaikhani, President, Pakistan Business Council (PBC), UAE alongwith eleven-member delegation which visited Board of Investment and met with Minister of State/Chairman, BOI and Azher Ali Choudhry, Secretary, BOI , said a statement issued here.
The Chairman welcomed the delegation and highlighted the investment opportunities available in different sectors of the Economy i.e., automobile, food & food processing, energy, power, Oil & Gas, dairy products & livestock etc. in Pakistan.
Ahmed Shaikhani, President, Pakistan Business Council, UAE informed that the Pakistan Business Council (PBC) – Dubai had come into existence in 2004, under the patronage of Dubai Chamber of Commerce and Industries.
Highlighting the prime objectives of PBC, he said that its aim was to promoting trade, commerce and investment between UAE & Pakistan.
It other objectives were also providing facilities to Pakistani businessmen wants to invest in Dubai and other free zones in UAE,to introduce Pakistani products to business houses in UAE especially in Dubai for investment for joint venture in Pakistan and for organizing exhibitions in Dubai for promoting Pakistani products.
PBC Dubai exhibit in Dubai where Chamber members can participate and display their products, he remarked. Ahmed Shaikhani informed that PBC plans to hold seminar / exhibition in Dubai in the month of December, 2016 and invited BOI to participate in the event for combined efforts to boost investment and trade relations between the two countries. The Chairman BOI assured him to participate along with Secretary, BOI if, a mega event is arrange by the PBC in Dubai.
MOS/Chairman, BOI informed that the government encouraging the private sector for setting up industries in Pakistan. The Special Economic Zones (SEZ) has been established to meet the global challenges of competitiveness to attract Foreign Direct Investment (FDI).
The law allows creating industrial cluster with liberal incentives, infrastructure, investor facilitation services to enhance productivity and reduce cost of doing business for economic development and poverty reduction.
The government offered one time Exemptions from all taxes on all imported Capital Goods and Exemption from Income Tax for a period of ten years till June 30, 2020 and five years thereafter for SEZ Zone enterprises.
He also informed that Laws have been tailored to safeguard and ensure protection of investments. The foreign investment is fully protected under the Foreign Private Investment (Promotion & Protection) Act, 1976, and Protection of Economic Reforms Act 1992.