Government of Pakistan committed to encourage and protect foreign investments: Fareena Mazhar

In terms of incentives, Pakistan offers zero Income Tax on IT & IT enabled services exports till June 2025
In terms of incentives, Pakistan offers zero Income Tax on IT & IT enabled services exports till June 2025
by

A Staff Reporter

Published: Mon 6 Dec 2021, 7:35 PM

The federal secretary for the Pakistan Board of Investment, Fareena Mazhar, on Monday said that the government is committed to encouraging and protecting foreign investments in the country.



She was speaking at a seminar to apprise the potential foreign investors on investment policies and the potential in Pakistan. The theme of the seminar was 'Investment Opportunities in Education and Innovation in Technologies'. The seminar was attended by many foreign investors and overseas Pakistanis. The participants expressed interest on the existing opportunities in Pakistan and the policies by the government to attract investment in the emerging technologies. Special Technology Zones Authority (STZA), NUST, Evamp and Sanga, UAE, Lenovo, Ecolean, Aviation Complex Kamra also participated in the seminar.

Fareena Mazhar informed the audience that there are 22 approved SEZs in Pakistan and four of them have state-of-the-art facilities and business ecosystems ready for investment as Early Harvest projects.

“The Board of Investment, Islamabad, as the premier investment promotion agency of Pakistan, is leading the Pakistan Regulatory Modernization Initiatives (PRMI) which is a key initiative of the Pakistani Government for the modernization and regulation of local business through technological interventions for providing a conducive business environment in the country,” said Mazhar.

She apprised the audience on the information technology sector being one of the fastest growing sectors of Pakistan, contributing around one per cent to the GDP of the country at about $3.5 billion. She added that it doubled in the past couple of years, and experts expect it to grow further at 100 per cent in the next two to four years to $7 billion.

“Pakistan’s IT market is full of qualified people who are equipped to cater the needs of the market at relatively low costs,” said Mazhar. Further elaborating on freelance development, she shared that the country has been ranked at number four for freelance development in the world and digital growth in Pakistan is going through a rapid evolution.

She also informed that Pakistan developed its first National Science, Technology, and Innovation Policy in 2012 and innovation, ever since, has been properly documented as being a long-term strategy for driving economic growth by the Government of Pakistan.

Highlighting the digital landscape of Pakistan, she shared that according Google, Pakistan is becoming a digital first country and paving new opportunities for businesses to digitally engage with consumers. In terms of incentives, Pakistan offers zero Income Tax on IT & IT enabled services (ITES) exports till June 2025, 100 per cent foreign ownership of IT & ITES companies, and 100 per cent repatriation of profit to foreign IT & ITES investors.

Mazhar presented several opportunities and incentives offered by the Government of Pakistan in the priority sectors of Pakistan including Information Technology, Automotive, Logistics and Food processing etc. She stated that economic uplift of the country is an area of priority by the incumbent government and Pakistan, under the leadership of Prime Minister Imran Khan is undergoing bold economic reforms which has increased the confidence of business community and helped the country improve in all sectors of economy.

She concluded by stating that there are numerous multinational companies currently operating in Pakistan and Government of Pakistan is committed to protect and encourage foreign investments. She assured that Government of Pakistan is committed to protect and encourage foreign investments and assured the audience that Board of Investment will facilitate the investors and help them execute their investments.

business@khaleejtimes.com


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