LAHORE: (APP) Lahore Chamber of Commerce and Industry (LCCI) President Sheikh Muhammad Arshad said here Saturday that since the government has achieved certain economic targets , the focus needed to be shifted to promote local and foreign investment .
He said that it was a good omen that things on economic front were fast improving; however, there should be a solid strategy to facilitate private sector that could be of great help for promotion of local and foreign investment , he added.
A number of sectors in Pakistan including infrastructure development , coal, energy, agriculture, livestock , textiles and pharmaceutical offer lucrative investment opportunities to foreign investors, but due to absence of a proper marketing strategy these opportunities were unattended even today, he said.
Sheikh Arshad said that Foreign Direct Investment (FDI) was one of the major players for economic development of any country. He added that China's FDI in Pakistan had jumped up from USD 13.7 million in 2007-08 to USD 255.3 million in 2014-15.
The LCCI president said that issues coming in the way of FDI in Pakistan should be tackled through well-thought-out strategy. He said that quality improvement of infrastructure throughout the country was essential to encourage the FDI . He said that lowering of taxes and duties would lead to more firms wishing to invest in Pakistan besides encouraging the local investors.
He said that international investment conferences in Pakistan on permanent basis would also pave the way for much-needed FDI in Pakistan, adding that by encouraging FDI , Pakistan could gain technological advancement, knowledge and expertise from the global arena.
He urged the government to ensure maximum participation and consultation of private sector over such matters to boost Foreign Direct Investment, adding that economic vitality should be promoted by strengthening private sector.