President Islamabad Chamber of Commerce and Industry, Atif Ikram Sheikh has called upon the government to reevaluate its investments strategies with specific emphasis for enticing Foreign Direct Investment (FDI) in export-oriented segments that will aid in improving value-added exports and paving way for export-led growth of the economy.
FDI has Potential to Boost Technology Growth in Pakistan: Atif Ikram Sheikh
Atif Ikram Sheikh informed that in Pakistan the Foreign Direct Investment (FDI) has mostly been stimulated in power, telecom, chemicals, cement, auto and pharmaceutical sectors which were not prominent exporters.
According to a press release, he said that countries like Singapore, China, Malaysia, Cambodia, Vietnam and others have endorsed their exports by ensnaring foreign investment in export-led sectors, whereas Pakistan has dawdled behind in technology encroachment and value-added exports due to concentration of Foreign Direct Investment (FDI) influx only in a few segments of its economy.
Government of Pakistan should guarantee that inward Foreign Direct Investment (FDI) should play an important role in enabling technology transfer to the country, access to innovative and larger foreign markets, capital growth, modernization and human resource progress, instead of concentrating on Foregn Direct Investment (FDI) in certain profitable sectors, said Atif Ikram.
He was of the view that the government should inspire foreign investors, pay attention on aligning investment strategies with growth intentions and modification of Foreign Direct Investment (FDI) towards export-oriented areas, so that export-led sector could perform prominent part in alleviating the economy by accelerating exports of value-added products.