Pakistan govt seeks FDI to boost industrial activities

ISLAMABAD, Oct 01 (Xinhua): The Pakistani government will provide protection to local industry and take necessary measures to reinvigorate all industrial sectors and ensure export-led growth by seeking foreign direct investment (FDI), said Abdul Razak Dawood, adviser to Pakistani prime minister on commerce, industry and investment, on Sunday.
Local Urdu TV channel ARY News quoted the adviser as saying that the
deindustrialisation situation is a major and alarming challenge for Pakistan, a situation which has decreased the country's revenue and increased the number of unemployed people.
"The government will provide full protection to the investments to promote export-led growth strategy that would attract investors to establish more export-based industries in the country," said the adviser.
According to the reports, the country's Ministry of Commerce and Ministry of Finance are all set to launch a new national tariff policy for the next three years to remove duties for all imported raw materials and to reduce duties to facilitate exporters in a bid to bring about transparency and determine actual global prices.
The adviser said the foreign investment will be invited mainly for cement plants, naphtha cracker plants, and in the sectors of power production, engineering, chemical, information technology and others.
In his message, he urged the Pakistani business community to participate in the first China International Import Expo in November to seek opportunities to export their products to China.