People to get good news about FDI in two months: official

KARACHI: A global investment summit is being held in March 2022 and the people will get good news of receiving foreign direct investment (FDI) in two months, an official said.

The importance of technology exchange was highlighted after the Covid-19 pandemic. In this regard, a policy on technology exchange is being formulated, which is expected to be presented in six to eight weeks.

These views were expressed by Azfar Ahsan, chairman of the Board of Investment (BOI), while addressing a luncheon at the Korangi Association of Trade and Industry.

Ahsan said that Prime Minister Imran Khan’s full attention is on improving the economy and he is keeping a close watch on the economic situation of the country.

Special desks for Kati would be set up in the Board of Investment through which the problems of Korangi industrialists would be resolved on a priority basis, he said and invited the Kati members to visit the Board of Investment.

There were problems in the Board of Investment and, as the fourth chairman, he was trying to rectify them.

Ahsan also said: “I belong to the business community and not to the bureaucracy; therefore, I have a better understanding of the issues. We have developed short- and long-term plans in the economic strategy, and work on one-window and automation is in full swing.”

Earlier, S M Muneer, patron-in-chief of Kati, said that the businessmen appreciated the appointment of Azfar Ahsan as the Board of Investment chairman, as he belongs to the business community.

The prime minister has succeeded in overcoming the economic crisis during the coronavirus due to his excellent vision, he said, adding that last week, the prime minister has requested him to form a think tank to brief him on the proposals for improving the economy.

Kati president Salman Aslam welcomed the BoI chairman on his arrival and said that direct investment in the country is very important, for which the government needs to improve infrastructure and reduce production costs.

Appreciation of the rupee is essential for stable investment, he said, adding that if the confidence of the local investors is restored, foreign investors will invest in the country.

Kite CEO Zubair Chhaya said that the local investors are concerned over the difficulties being faced by the industrialists in Karachi. The government must pay due attention to Karachi, as the country’s survival depends on the confidence of the local investors.

Several industrial areas have been set up where investment has been made but, to-date, there are problems of electricity, gas and lease of land, he said, adding that the country could not develop without improving Karachi.

Kati Standing Committee for Industrial Investment and Standardisation chairman Syed Farrukh Mazhar said that the Board of Investment is the backbone of the economy. “We need to focus on small and medium enterprises and the government needs to formulate a better policy in this regard,” he said.

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