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Automobile companies shown interest to invest in country: BoI EDG


MULTAN: Board of Investment (BoI) Executive Director General Shahjahan Shah said on Thursday that world’s renowned automobile companies had shown interest in making investment in the country.

In a meeting with Acting President Multan Chamber of Commerce and Industry (MCCI) Bakhtawar Tanweer A Sheikh, former president Main Mughees A Sheikh and other industrialists, he said talks were underway with manufacturers of Renault, Audi, Hyundai, and KIA automobiles.
He said foreign investment was on the rise in Pakistan due to prudent policies of the government and companies already assembling automobiles in the country would have to introduce modern vehicles at lower prices in the wake of competition following the investment from the other automobile companies.
The EDG BoI said the government had a vision of attracting foreign direct investment worth US$15 billion by 2020 and added that achievement of this target would become reality following completion of China Pakistan Economic Corridor (CPEC).
Shahjahan Shah said the government had introduced some filters to ensure that whoever sets up industry or shift it to Pakistan, would have to produce most modern and environent friendly products matching international standards. Their standard must be above the standard of locally manufactured products and most of it would be exported, he added.
He said the Special Economic Zone Board (SEZB) of Punjab government send applications to BoI for establishment of new industrial zones and asked the MCCI to send application through SEZB if they want to get industrial zone set up in this area.
He also advised industrialists to convey their problems to the BoI and promised efforts to get them resolved.
Shahjahan Shah disclosed the government was also preparing proposals to facilitate those interested in starting small businesses. He said Pakistan was going to hold two international road shows to attract foreign investment by highlighting opportunities and benefits attached to investment in the country.  He added that a road show would be held in November in China while an international conference would be held in Italy in July.
He said the MCCI could also send its representatives to these events. The MCCI acting president and other industrialists said they would welcome foreign investment.
Source: Custom Today