$100 billion FDI in pipeline, says BoI chief

[LRE]

$100 billion FDI in pipeline, says BoI chief

RECORDER REPORT

KARACHI (November 07 2008): Chairman, Board of Investment (BoI) Saleem H Mandviwalla has informed business community that an Italian firm has agreed to make 100 million dollar investment in marble sector in Pakistan. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI) on Thursday, dispelling the impression that local and foreign investors are not making investment in the country.

He said that besides Italian company Fiat company, Nacellay, Palmar and other companies have shown their interest in making investment in Pakistan. Mandviwalla hoped that agreement with these companies would be signed soon. He noted that Pakistan have already signed 114 investment MoUs with China which are inactive. These MoUs will be activated, he assured.

The chairman said that representatives of chamber would be included on the board of directors of BoI. Replying to a question about high mark-up rates, he said that Pakistan is not interested to go to IMF, as their terms are very tight and requires many things to do, which are not in interest of the country.

Replying another question about electricity problem, he held previous governments responsible for this crisis. There is no quick solution of the problem, he added. However the government is aware of the issue and taking many steps to redress problems as soon as possible, he maintained.

Replying to another question regarding sales tax refund and audit, he assured that he will take-up the issue with Chairman Federal Board of Revenue (FBR).

He said that the BoI would soon inject new blood in revamping its Karachi and Lahore officers. Replying a question about honorary consuls general of Pakistan working in different countries, he said that BoI is constantly monitoring performance of honorary consuls general and replacing those whose performance remained un-satisfactory On issue of ban on manufacturing polyethylene bags blow 300 micron, he assured that he will take-up the issue with City Nazim.

Acting President KCCI, Jawed Bilwani pointed out that most of Pakistani commercial counsellors posted abroad, unfortunately did not make the hectic effort for boosting and enhancing of image as well as exports of Pakistani products.

Copyright Business Recorder, 2008[/align]