ICCI shows serious concern for declining Foreign Private Investment

  • November 19, 2011
Foreign Private Investment plays vital role in the development of a nation. The negative growth in the foreign investment would adversely affect the country’s economic growth, Yassar Sakhi Butt, President Islamabad Chamber of Commerce & Industry (ICCI) has said in a statement.

He showed great concern over the grim condition of Foreign Private Investment in the country and urged the Government to take remedial measures on urgent basis to reverse this trend in order to attract more foreign investment.

He was reacting to the reports indicate that foreign private investment fell to $239.4 million during July-October period of 2011-12 against $610 million inflows noted during the same period last year, a decline of 61 percent which would carried negative impact on Pakistan’s economy.

ICCI President said that foreign investment is considered an important source of development for a country, therefore, Government should accord high importance to encourage foreign investors by creating investment friendly environment to accelerating the pace of country’s economic progress, he maintained.

He said that key issues including power shortage, poor infrastructure, law and order situation and other vital factors should be addressed on priority basis to improve the bleak foreign investment condition to put the country on the track of economic growth and development.

Yassar Sakhi Butt said that many countries including China, Singapore, Hong Kong, Malaysia, and UAE had achieved phenomenal economic growth by attracting foreign investment, similarly our economic managers must device and implement growth oriented strategies to attract foreign investment for bringing the country out from the current serious economic turmoil. 

He said that Pakistan is an attractive market for producers and, many sectors of the economy including oil & gas, power generation, agriculture, pharmaceutical, infrastructure development and many other sectors offer lucrative investment opportunities to foreign investors, there Pakistan should not further waste time to loose the opportunities to attract foreign investment.  .