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Govt to encourage, protect foreign investments in country: official

Govt to encourage, protect foreign investments in country: official

Govt to encourage, protect foreign investments in country: official

Image Courtesy : File

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ISLAMABAD: The Board of Investment organised an online Investment Promotion seminar to apprise the potential foreign investors on investment policies and potential in Pakistan, a statement said.

The theme of the seminar was “Investment opportunities in education and innovation in technologies”.

Board of Investment (BoI) secretary Fareena Mazhar said that the government is committed to encouraging and protecting foreign investments in the country.

The seminar was attended by many foreign investors and overseas Pakistanis through physical participation.

Travel restrictions because of the pandemic, arrangements were made for the participants to attend the seminar on zoom.

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The participants expressed interest in the existing opportunities in Pakistan and the policies by the government to attract investment in the emerging technologies.

Special Technology Zones Authority (STZA); NUST; Evamp and Sanga; UAE; Lenovo; Ecolean and Aviation Complex Kamra also participated in the seminar.

BoI secretary Fareena Mazhar informed the audience that there are 22 approved Special Economic Zones in Pakistan and four of them have state-of-the-art facilities and business ecosystems ready for investment as Early Harvest projects.

“Board of Investment, Islamabad, as the premier investment promotion agency of Pakistan, is leading the Pakistan Regulatory Modernisation Initiatives (PRMI) which is a key initiative of the Pakistani Government for the modernisation and regulation of local business through technological interventions for providing a conducive business environment in the country,” Fareena Mazhar said.

The BoI secretary apprised the audience on the Information Technology (IT) sector being one of the fastest growing sectors of Pakistan, contributing around one per cent to the GDP of the country at around $3.5 billion.

She added that it doubled in the past couple of years, and experts expect it to grow further at 100 per cent in the next two to four years to $7 billion.

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“Pakistan’s IT market is full of qualified people who are equipped to cater the needs of the market at relatively low costs,” she said.

The BoI secretary shared that the country has been ranked at number four for freelance development in the world and digital growth in Pakistan is going through a rapid evolution.

She also informed that Pakistan developed its first National Science, Technology, and Innovation Policy in 2012 and innovation, ever since, has been properly documented as being a long-term strategy for driving economic growth by the Government of Pakistan.

Highlighting the digital landscape of Pakistan, Fareena shared that according to US technology giant, Google, Pakistan is becoming a ‘Digital-First Country” and paving new opportunities for businesses to digitally engage with consumers.

Pakistan offers zero income tax on IT/IT-enabled services (ITES) exports till June 2025, 100 per cent foreign ownership of IT and ITES companies, and 100 per cent repatriation of profit to foreign IT and ITES investors, she added.

Fareena Mazhar presented opportunities and incentives offered by the government in the priority sectors of Pakistan including Information Technology, Automotive, Logistics and Food processing.

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The BoI secretary stated that economic uplift of the country is an area of priority by the incumbent government and Pakistan, under the leadership of Prime Minister Imran Khan is undergoing bold economic reforms which has increased the confidence of the business community and helped the country improve in all sectors of economy.

There are numerous multinational companies currently operating in Pakistan and the government of Pakistan is committed to protect and encourage foreign investments, she added.

She assured that the government of Pakistan is committed to protect and encourage foreign investments and assured the audience that BoI will facilitate the investors and help them execute their investments.

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