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How We Can Strength Pakistan Economy

2356 words - 10 pages

02 DAWN TUESDAY JULY 5, 2011

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By: Saifuddin N. Zoomkawala, President, Pakistan German Business Forum
By the grace of almighty, PGBF has completed more than one decade. I feel pleasure to state that PGBF is one of the largest business forums of Pakistan, having almost 200 members & is playing a vital role towards promoting economic development and integration through enhanced cooperation amongst business fraternity of Germany & Pakistan. Despite, we have seen many turmoil & upheavals especially on economic front, but i am optimistic that our government is being able to overcome all these problems. We all should be a strong believer that world is now a global ...view middle of the document...

Add to that a business friendly environment, robust economic indicators, untapped investment opportunities and a growing world class infrastructure. Incentives to foreign / local investors: — Foreign investors are allowed duty - free import food stuff and other consumable items equivalent to us$ 1,000 per year / person in Pakistan. However, import exceeding the above duty free limit of us$ 1,000 will be allowed on payment of normal import duties. — Various communities of foreign investors and their employees are allowed to establish exclusive clubs with recreation facilities. — PGBF extends a courtesy services covering reception in Pakistan, hotel bookings, accommodation, transport bookings and assisting with the business itinerary, etc. For German investors in Pakistan. — Improvements have been made by PGBF pertaining to the procedures for work visas, business visas, and opening of branch / liaison office buy foreign companies. Legal protection to investment I feel proud to mention that foreign investment is fully protected in Pakistan by following acts: — Foreign private investment ( promotion & protection) act, 1976 — Protection of economic reforms act, 1992 Bilateral agreements: Investment protection with 47 countries, including Germany, the fact may be borne out by the latest investment protection treaty, signed in the month of December, 2009, between Pakistan & Germany. Avoidance of double taxation agreements with 52 countries, including Germany. Visa on arrival (voa) to businessmen of 66 countries: Visa on arrival for 30 days validity and stay will be given to the businessmen of 66 countries, including Germany, on the business visa on production of any of the documents as for entry business visa by missions for businessmen. Following are the core industries where the foreign investments have already been made as well as more investment can be made: •Fertilizer sector •Tourism sector •Pharmaceuticals sector (the pharma market size is rs.70 bn) •Chemical sector •Financial sector •Power sector The Pakistan is facing huge energy crises these days, we are desperately in need of energy, for which i really thankful that Germany is stepping forward in helping Pakistan in this very issue. The demand& supply of electricity were balanced till 1997 in Pakistan with the commissioning of private sector ipps established under the power general policy 1994. It was proposed that demand& supply would remain in equilibrium through 2007 - 08. However, faster economic growth, rising disposable income, higher availability of consumer finance, double digit growth of large scale manufacturing, and higher agricultural production have all resulted in higher demand for power. As peak demand growth has approached over 9%, during the last couple of years, the supply shortage occur much earlier. The government has encouraged & welcomed Germany to meet this additional demand. •Oil & gas sector •Agriculture sector •It & telecom sector •Cement sector •Textiles sector...

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