NA body amends law for challenging foreign investments in courts

ISLAMABAD: The National Assembly (NA) body has approved the legal amendment that will ensure the protection of foreign investments, ARY News reported on Monday.

The NA Standing Committee on Law and Justice has approved the legal amendment that will restrict challenging foreign investments in the courts. The amendment was approved for protecting investment.

The draft bill was approved with consensus. Federal Minister for Law and Justice Azam Nazeer Tarar said the bill aims to encourage investments in the country. He added that the country would become bankrupt if the National Accountability Bureau (NAB) scrutinised foreign investments.

READ: FOREIGN INVESTMENT DECLINES BY 34.65% IN JANUARY

Tarar said that the China-Pakistan Economic Corridor (CPEC) agreement was not disclosed to anyone as a state-to-state agreement was a matter of secrecy.

He said that the government expects investments in oil refinery and Gwadar port city. The law minister added that laws of 20 countries were reviewed before formulating the draft amendment law for protecting investments.

Moreover, Federal Health Minister Abdul Qadir Patel said that Dubai was a desert region before getting developed through investment. He added that the lack of legislation became a hurdle for investment in the country.