100pc foreign ownership policy remains unchanged: Dawood

KARACHI: Prime Minister’s Adviser for Trade and Industry Abdul Razzak Dawood said that 100 per cent foreign ownership policy of the government allowed in legal entities incorporated in Pakistan remains unchanged, ARY News reported on Thursday.

This he said in his recent meeting with members of Overseas Investors Chamber of Commerce and Industry here in Karachi.

The adviser clarified that in order to encourage multi-national companies to set up joint ventures (JVs) with local partners, the government would need to give some incentives.

Mr Dawood announced that soon a new industrial policy and national tariff policy would be announced in consultation with each sectors and also assured that the federal government was focused on improving interprovincial coordination.

Read more: Economy on right track despite difficult conditions: Dawood

He also underlined the need for large foreign investment in the manufacturing sector to promote value-added exports and imports substitution.

“A level playing field would be given to existing and new local and foreign investors,” the adviser said.

On the occasion, members of the OICCI shared their concerns on the effective protection of Intellectual Property Rights (IPR) for trademarks, patents and copy rights and to make the Intellectual Property Organisation policy board functional as it has not met since late 2016.