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Lahore, The Lahore Chamber of Commerce and Industry (LCCI) has expressed its approval of the 17.8 percent rise in Foreign Direct Investment (FDI) in Pakistan, highlighting the need for more aggressive efforts to sustain this positive trend. LCCI officials emphasized the importance of this increase for the country’s economy and called for concrete actions to further enhance FDI levels.
According to Lahore Chamber of Commerce and Industry, LCCI President Kashif Anwar, along with Senior Vice President Zafar Mahmood Chaudhry and Vice President Adnan Khalid Butt, acknowledged the increase in FDI as a positive indicator for the economy. They noted that the net FDI in the first four months of the current financial year (July-October 2023-24) stood at US$ 524.7 million, marking a 7% increase compared to US$ 488.9 million in the same period of 2022-23.
The LCCI office-bearers highlighted the potential role of the Special Investment Facilitation Council (SIFC) in capitalizing on agreements with the United Arab Emirates and Saudi Arabia to bring investment into various sectors of the economy. They emphasized the need for stability in macro-economic policies and a focus on creating a competitive business regulatory environment, particularly concerning taxation and the cost of doing business, to further attract foreign investment.
The office-bearers also pointed out Pakistan’s potential to attract billions of dollars in FDI across diverse sectors, including energy, agriculture, tourism, health, mines and minerals, precious stones, and information technology. President Kashif Anwar suggested that the government should encourage investors to take over underperforming state-owned enterprises and transform them into profitable entities, reducing the burden on the national exchequer and creating employment opportunities.
Furthermore, the LCCI officials underlined the critical role of Pakistan’s foreign missions in attracting foreign investors, emphasizing the need to inform them about lucrative investment opportunities in Pakistan. They observed that countries with Bilateral Investment Agreements with Pakistan have a minimal share in the total FDI, suggesting that the government should target these countries to market Pakistan’s investment potential. They also recommended diversifying the range of investing countries to enhance FDI in Pakistan.
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