LAHORE: In an attempt to help government overcome low foreign investment phenomenon, the Lahore Chamber of Commerce and Industry has decided to step up efforts to attract Foreign Direct Investment (FDI) through enhanced interaction with regional chambersof commerce and industry. In a statement issued here Tuesday, the LCCI President Engineer Sohail Lashari said that the Lahore Chamber of Commerce and Industry had evolved an elaborate plan to attract much needed FDI by sharing investment opportunities available in the province of Punjab with its regional counterparts.
The LCCI President said that it was a three-pronged strategy that would work wonders as far as investment was concerned. He said that on the first leg of its proposed plan, the Lahore Chamber of Commerce and Industry will take all investment promotion public sector entities and local chambers of commerce and industry on board for compilation of set of available opportunities.
Secondly, it would invite diplomats of regional counties at the Lahore Chamber of Commerce and Industry where, these opportunities would be shared with them to enable them to get them published in their respective countries. Thirdly, the LCCI would send sector-specific delegations to all the chambers of commerce and industry in the regional countries where the delegates would give presentations to their counterparts with a sole objective to invite them for investment or Joint Ventures in the field of their choice.
Engineer Sohail Lashari said that the plan was devised to supplement the government initiatives aimed at attracting foreign direct investment that presently is far below satisfaction. The LCCI President said that Pakistan needed a growth rate of 7 percent or more for the next two to three decades to ensure that its GDP doubles every 10 years therefore the country must look for a
growth driver that can deliver sustained high growth for several decades.
“Given Pakistan’s abundant and young work force and a policy regime that promotes international competitiveness, the regional growth will be the precursors to the sub-regions becoming dynamic manufacturing hubs. This will help restore the economic and cultural vibrancy of the sub-regions and will promote political stability.”
Engineer Sohail Lashari said that Pakistan offers 100 percent equity ownership and full repatriation of capital therefore any investment made in this part of the world would win rich dividends to the potential foreign investors.
He said that the GSP Plus status granted by the European Union was an added attraction to the regional investors therefore the government and the private sector should make concerted efforts to tap this marvelous opportunity to its full potential.