foreign investments
2010
Reform of foreign investment policies Govt
The Foreign Private Investment Act of 1976, "FPIA" has spent to promote and protect foreign private investment in Pakistan. FPIA provides protection to foreign investors with regard to their industrial activities established in Pakistan on or after September 1954. Industrial activities in FPIA are defined as entities involved in the production, distribution or processing of goods. FPIA exclude the Federal Government to acquire foreign capital or foreign investment in industrial activity, except in the due process of law providing compensation suited to be settled in the currency of the country of origin of investment. FPIA support the principle of equal treatment in granting equal treatment to local industrial enterprises and those with foreign ownership in the implementation of laws, rules and regulations concerning the importation and exportation of goods. FPIA, most importantly, with some general limitations, authorizes the Federal Government to open new areas in the country to foreign investment.
In the wake of the Pakistan's nuclear tests of May 28, 1998, and the expected international economic sanctions that were imposed subsequently to Pakistan, the government introduced changes Currency Act 1998 to impose temporary restrictions on foreign exchange. This law tried to replace certain provisions of the Protection of economic reforms 1992 and the terms of any other agreement or contract and suspended the rights of foreign holders of currency of the account to withdraw, transfer or make the exchange foreign country without the permission of the central bank. It is, however, allowed the currency account holders to convert their foreign currency in Pakistani currency rate Official notification of change that was significantly below the market rate.
The current oil policy is designed to promote investment Foreign direct in the country to provide more incentives in terms of the pricing mechanism and regulatory framework for business. This was initiated by the Minister Petroleum and Natural Resources.
Because the E & P companies to transparency and investor friendly policies, large are working actively in the activities in Pakistan and an enabling environment becomes a destination of choice for investors.
Opportunities exist for foreign companies in the upstream oil sector in Pakistan and in offshore areas. Government of Pakistan should make some improvements in policies foreign investment; Govt should take a lesson from China and other countries to welcoming ambience, infrastructure and other facilities ….
Govt should try to relax the tax and obligations on investment and licensing.
References:
- investinpakistan.org / investment climate
- href = "http://www.competitiveness.org.pk/"> www.competitiveness.org.pk
www.ppqp.gov.pk
About the Author
Foreign investment and business in North Korea (by pro DPRK Chongryon TV, Japan), part 1 of 3
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