While speaking at the Lahore Chamber of Commerce and Industry (LCCI), Miftah Ismail, Chairman Board of Investment has stated that the ban on new industrial gas connections may be lifted as the Board of Investment (BOI) has forwarded a summary to Prime Minister Nawaz Sharif for consideration.
He further informed that some private companies are currently in the process of negotiating deals with the government for importing LNG which will help alleviate the shortage of gas in the country. The present government after taking charge in 2013, prioritized energy deficit problems and is making all out efforts to make the country load shedding free by 2018, he stated further. He added that the investment in the country will also get a boost once infrastructure, electricity and water and gas supply are ensured.
Furthermore, he went on to add that Pakistan’s local investment to GDP ratio is 15 pc compared to India, Sri Lanka and Bangladesh where its average ratio stands at 30 pc. While addressing the dire need to boost the local investment to GDP ratio, he agreed with the LCCI president that both local and foreign businessmen should be provided level playing fields while focusing on productive investment.
Highlighting the importance of the China Pakistan Economic Corridor (CPEC) initiative, he said that Pakistani and Chinese businessmen would be provided equal opportunities. He further informed that Special Economic Zones (SEZs) are being developed nationwide to facilitate industrialists.
Speaking on the occasion, LCCI President Abdul Basit stated that foreign investment could not increase unless local investors are not facilitated and encouraged. Commenting on the problems faced by the local businessmen, he said that the problem of raids at premises of local businessmen and attachment of business bank accounts is persisting. The decreasing number of filers and rising revenue is sufficient proof of the fact that existing tax payers are being squeezed.
Furthermore, he observed that Foreign Direct Investment figures have been declining for the past few years. Â Though CPEC has grabbed the attention of many foreign countries including Germany, Russia, Iran and many other countries but a lot of work still needs to be done. He also stressed that a balance needs to be created between Pakistani and Chinese businessmen and equal opportunities should be provided to both to grow.
LCCI Senior Vice President Amjad Ali Jawa showed grave concern that investment from certain countries is following a downward trend. Investment form the US declined from $1309.3m in 2007-08 to $209m  in 2014-15 while during the period of July-February 2016-17, volume of US investment in Pakistan fell to a mere $ 50.3m. Similarly investment from UK, UAE, Japan and various other countries is also following a downward trend. He suggested that the issue should be tackled by drafting an aggressive marketing strategy.
