Prime Minister, Shahbaz Sharif was directed to remove all the hurdles in the way of foreign investment in the country during a meeting in Islamabad on Monday.
He developed a committee to address the problems of foreign companies, particularly those investing in The Gwadar Free Zone.
The Prime Minister directed to present the report and recommendations to him within ten days.
He added that the facilitation of Chinese investment companies should be the priority.
He directed to clear all the hurdles in getting a visa for Chinese workers.
He emphasized that visa procedures should be simple and fast-tracked.
Investment of 10 billion dollars
Prime Minister, Shahbaz Sharif, received a detailed briefing about the companies who are interested in the investment of ten billion dollars.
This investment will be in energy, infrastructure, railway, port infrastructure, and other projects.
In the first phase, an instant investment of US$ 1 billion to US$ 2 billion is expected.
These projects will give 45,000 jobs.
It will also improve Pakistan’s Ease of Doing Business Index.
In addition, these projects will be beneficial in reducing the unemployment rates in the country.
The prime minister instructed the Board of Investment (BOI) and the Ministries of Planning and Finance to collectively frame a comprehensive plan related to these projects.
The Inter-Government Commercial Transaction Act-2022
The federal cabinet passed the Inter-Government Commercial Transaction Act-2022 in July.
The purpose of this act is to increase foreign investment in the country at the government-to-government level.
The cabinet passed the Government Commercial Transaction Act, sent by the Ministry of Law and Justice.
It is recommended to be submitted to the related parliamentary committee.
This law would help to enhance the confidence of foreign investors.
It will raise foreign investment in Pakistan.
This law will also assist in government-to-government development agreements.
