Business council to channel $2b investment into Pakistan

Pakistani Business Council (PBC) in Dubai is negotiating to channel billions of dollars in foreign investments into Pakistan, its president said.
"Since the new government took charge, many investors contacted us including Egyptians and Dutch businessmen. Egyptian businessmen want to invest $2 billion in petrochemical sector in Pakistan. But they are more comfortable investing jointly with Dubai-based Pakistani businessmen and want PBC to play the role of a bridge in negotiations with Islamabad," Iqbal Dawood told Khaleej Times  during an interview.
"We extended good feasible projects and items for joint investments to them. We also arranged their meetings with Pakistani businessmen and Punjab governor Chaudhry Mohammed Sarwar during his recent Dubai visit," he said.
"We are also planning to go to Egypt with a delegation from Karachi, Lahore and Islamabad chambers. On a reciprocal basis, Egyptians will also visit Pakistan as they are keen investing key sectors such as hospitality, chemical, engineering and building materials etc. Now, this is the job of government to present potential investment opportunities to these investors coming to Pakistan," he said.
Egyptian billionaire Naguib Sawiris earlier reportedly showed keen interest to build 100,000 housing units in Pakistan under the Naya Pakistan Housing Programme.
Dawood said this $2-billion investment is different from what Sawiris intends to invest in Pakistan's mega housing project.
PBC also recently organised a Dubai-Canada investment conference mainly targeted at immigration and real estate investments.
"We are trying our best to extend facilities for Pakistanis coming to the UAE to invest and vice-versa."
Anti-corruption drive
Dawood pointed out that anti-corruption drive launched by Imran Khan-led government is affecting foreign investment by Pakistanis.
"Pakistan government is working on anti-corruption drive and is looking into how much money has been transferred abroad illegally. But it is affecting foreign investments.
"There are two segments in this category. First segment is those Pakistanis who are living and working in Pakistan but buying assets abroad. The second segment is non-resident Pakistanis who are living and working in the foreign country and purchasing assets abroad. There should be clear demarcation about these segments in order to facilitate foreign investment from Pakistanis into the country," Dawood added.
Highlighting the importance of overseas Pakistanis, he pointed out that total remittances sent by non-resident Pakistanis amount to total exports of Pakistan.
"If you distract investors, it is very difficult to attract them again. The government should provide clarity in everything. We are very hopeful of the new government and, going their statements and policies, it is going in the right direction. But it will take time for those policies to materialise. We cannot expect to achieve everything in a year or two. But these issue will be addressed," Dawood added. - waheedabbas@khaleejtimes.com