By Syed Marwan Shah

ISLAMABAD, July 27: The government is reviewing the trade policy to facilitate trade and boost innovations that could help in attracting investment to the country, according to WealthPK. An official of the Board of Investment told WealthPK that Pakistan’s unique geostrategic location, skilled human resources and untapped growth potential could attract investment. Incentives and liberal policies of the country will help local as well as foreign investors to invest in any sector.

“As a result of these policies, the business community enjoys incentives in both traditional and non-traditional sectors of the economy. Opportunities are provided to traders to have maximum returns on their investments,” he added. The government has initiated a number of schemes including special economic zones (SEZs), special technology zones (STZ), export processing zones (EPZ), and Gwadar Free Zone (GFZ) to promote investment in the country.

Pakistan offers attractive incentives to traders in a wide range of economic sectors including tourism, textiles, electric vehicles, information technology, mobile device manufacturing, pharmaceutical items, automobile and auto parts, food processing, housing and construction and logistics.

According to WealthPK research, Pakistan has a liberal investment regime as the government has introduced various investor-friendly policies. The country provides opportunities to foreign investors to invest with 100 percent equity or joint ventures in various sectors with the repatriation of investment and profit allowed under legal protection.

The Board of Investment has launched various portals to facilitate investors such as Special Economic Zones Management Information System (SEZMIS), Branch/Liaison Office Management Information System (BLMIS), Pakistan Regulatory Modernisation Initiative Strategy (PRMI), Security Clearance for Petroleum Companies, Investor Relationship Management System (IRMS), Housing and Construction Portal and Doing Business Portal.

The government has been taking steps to attract more investment from China, especially in the textile and garments manufacturing, agriculture, information technology and low-cost housing sectors.

As outlined in the World Bank’s Investment Policy Promotion, productive private sector investment is one of the most significant components of the growth strategies of developing countries.

By attracting Foreign Direct Investment (FDI), a country can gain access to global value chains and expedite its economic development. Foreign investment helps a country to create job opportunities, increase exports and adopt innovative technologies and creative business practices.

Credits: INP-WealthPk