Ahsan Iqbal says ‘govt to remove hurdles in foreign direct investment’

ISLAMABAD: Federal Minister for Planning Development and Special Initiatives Ahsan Iqbal on Wednesday said that the government will remove hurdles in the foreign direct investment (FDI) on a priority basis.

Ahsan Iqbal said introducing Pakistan as an export-led country in the world is the first priority of the present government.

The federal minister said that Foreign Direct Investment (FDI) is significant in any economy and Pakistan is currently an attractive country for foreign investment.

Federal Minister for Planning Development and Special Initiatives, Prof. Ahsan Iqbal said this while addressing a press conference.

Ahsan Iqbal said the meeting of the Apex Committee of the Special Council for Investment Facilitation was held under the chairmanship of the Prime Minister, Muhammad Shahbaz Sharif and the political and military leadership participated in the apex committee.

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He said the government formed this council to promote direct investment in Pakistan, adding that the volume of foreign direct investment in Pakistan is $1.5 billion now.

There are more than $2 trillion in foreign direct investments in the world and every country is trying to become an attractive country for FDI.

He said a country can develop only through foreign direct investment and every developing country has resorted to foreign direct investment and also expanded its exports.

The China-Pakistan Economic Corridor (CPEC) became a tool to bring investments of up to $28 billion to Pakistan, he informed.

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He said that “We were derailed due to the negative agenda of 2018 and now the world’s trust is being established in Pakistan again. He said the International Monetary Fund (IMF) agreement is having positive effects on Pakistan and now the country has a chance to take off again.

Ahsan Iqbal said foreign investors will be given all facilities under one roof in five potential sectors, which have been identified under the planning. He said that Agriculture is also a sector under this project and agriculture will be promoted.

He said the government will bring investment in modern farming and technology in the agriculture sector. PM Shehbaz Sharif will inaugurate the Agricultural Information Management System on July 7th of this month.

The government’s priority is to shift energy to fossil fuels in the energy sector, incentives will be given in solar energy, he said.

He said that the Information Technology (IT) sector is a potential sector, where youth can make a huge contribution to a country’s economy.

The planning minister said the government’s main focus is to increase exports in the IT sector and hoped that there will be rapid development in the IT sector in Pakistan.

He said that “We need to pay attention to the mineral sector to maximize our exports.

Iqbal said that Pakistan Will go for a road show to invite the mining companies of the world to enhance production. He added that defence production has the ability to export along with its requirements.

He said the government is willing to introduce the soft VISA regime and the policy will be revised to address difficulties in businessman’s visas.

The Ministry of Interior will give a report soon on the issue of visas. “We will move relations with friendly countries towards investment instead of aid,” he said.