Govt to bring legislation to protect investment: Minister

LAHORE: Federal Minister for Investment Senator Waqar Ahmed Khan has said that government has decided to bring legislation  for the protection of investment for next ten years in the country.

Speaking at Lahore Chamber of Commerce and Industry on Tuesday, he said, “The government will not only give full protection to the investments, bilateral trade agreements and projects through legislation for the next ten years but also implement them in letter and spirit.”

The LCCI president Mian Muzaffar Ali ,Senior Vice president Tahir Javed Malik, Vice President Irfan Iqbal Sheikh and Director General Board of Investment Najeeb Khawar Awan also spoke on the occasion.

The minister said that the government would ensure continuation of its policies and further strengthen them adding “The government  has created a full‑fledged ministry of investment to ensure return of investment to the country.”    

He said government wants to facilitate investors by extending them all possible help for the investment in the country.

He said the government has given clear and targeted directions to the ministries for ensuring betterment of  people and the country and hoped that its positive results would start coming soon.

Senator Waqar Ahmed Khan said that continuation of policies has been major concern for investors and “Now we have democratic government and we have proposed legislation to ensure continuation of projects even if there is a change of government.”

The minister said government is also organising investment conferences for the business communities abroad to highlight the investment friendly policies and vast opportunities and potentials for investment in different sectors in the economy.

Senator Waqar Ahmed Khan who spoke at length about various issues, said that the government was making all out efforts to give relief to the industrial sector which was passing through a depressing period.

The minister said that all the policies of the present government were home grown and its only agenda was masses welfare and in this regard LCCI would have to forward its suggestions.

He said the government was not oblivious of the problems being faced by the business community and it had given  the task to  the ministry of investment for economic reforms and for stimulating investment in the country.

Regarding the issue of enhancement in Credit Reporting Period, the minister promised to take up the issue with the ministry of finance  as in the existing scenario, 90 days Credit Reporting period was too short.

Speaking on the occasion LCCI President Mian Muzaffar Ali called for strengthening the process of implementation of policies saying that all the problems were only because of non‑availability of any proper framework to ensure the implementation of policies.

The LCCI Senior Vice President Tahir Javed Malik and Vice President Irfan Iqbal Sheikh said the government needs to explore renewable energy resources so that we can promote our business on sustainable basis. The government also needs to develop strong liaison with business community and whatever the decisions it takes, must be on permanent basis.