President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said that issuance of Pakistan Banao Certificate (PBC) is a good initiative of PTI led Govt. for benefitting overseas Pakistanis giving them the opportunity to invest and build their Country through safe and convenient investment scheme. PBC will not only help in releasing pressure on the Country’s FX reserves but will also grant overseas Pakistanis the opportunity to invest in Pakistan. Currently, the State Bank has reserves of around $ 8 billion while total foreign exchange reserves held in the Country are $ 14.8 billion which are 0.6 % reduced compared to previous week and 24 % less than that of February 2018.
The Veteran Business Leader while talking to the business community said that two different bonds have been launched under PBC which are for 3 and 5 years with profit margins of 6.25 and 6.75 respectively to be paid bi-annually. Overseas Pakistanis have highly appreciated this scheme and within less than two weeks period, more than 5 thousand people have been registered and investment worth $ 1 million has received from just 50 people. Given to better yields, friendly process and patriotism of Pakistanis abroad, this scheme will be of great success. Government estimates $ 1 billion investment through PBC till June 2019.
The Former Minister said that foreign remittances received in the seven months of ongoing fiscal year stood at $ 12.5 billion having an increase of $ 1.5 billion from the same period of previous year. PBC may result in declining remittances but foreign reserves will get improved and participation of overseas Pakistanis’ investment in the Country will rise.
Mian Zahid Hussain said that U.S and KSA offers 2.49 % and 3.5 % yields on bonds of 3 years while for five years bonds the offered interest rate is 2.88 and 4 percent respectively, while Pakistan offers interest rate of 6.25 and 6.25 percent. Investment under this scheme will also be exempted form withholding tax and Zakat.
Mian Zahid Hussain said that backdrop of efforts being made by current government for improved investment in the Country, business community believes that Pakistan has a bright investment future and foreign investment will soon be rose and improved.
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Huge Chinese investment followed by Saudi Arabia will attract other Countries to invest in Pakistan: Mian Zahid Hussain
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Monday said that Saudi crown prince Muhammad Bin Salman’s visit to Pakistan is a great success of Pakistan on diplomatic front and will further strengthen Pak – Saudi relations. Muhammad Bin Salman visit has lead to huge investment of $ 21 billion in different sectors, which will benefit both countries. A mega oil refinery will be established in Gwader which will reduce Pakistan’s import bill by approximately $ 1.5 billion and will enable KSA to grab growing Pakistani market in addition to export of surplus oil products to other countries in the region.
The Veteran Business Leader while talking to the business community said that the short, medium and long term Saudi investment in power, renewable energy, petrochemicals, infrastructure, mining, tourism and hospitality is comprised of $ 7 billion, $ 2 billion and $ 12 billion respectively. The huge investment will help in generating new jobs in the Country and new investors will be attracted to Pakistan, given to emerging market and huge investment opportunities backed by investment friendly policies of the PTI lead Govt.
The Former Minister said that both Pakistan and Saudi Arabia need to work for the betterment of business competitiveness and ease of doing business as KSA ranking on global competitive index of 137 countries is 30 while Pakistan ranked at 115, while on EoDB index Saudi stands at 92 followed by Pakistan at 136 out of 190 countries. Recent reduction in KSA visit visa fee for Pakistanis is appreciative but business visas should also be offered at cheaper rates in order to make it convenient for Pakistanis to meet Saudi traders and investors easily.
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Mian Zahid Hussain said that the idea of forming Pak – Saudi Coordination Council under the leadership of Prime Minister Imran Khan and Saudi Crown Prince Muhammad Bin Salman will benefit the trade and economic ties between brotherly countries. Saudi ambassador to Pakistan H.E. Nawaf Bin Said Al Malki and counsel general to Sindh H.E. Ubaidullah Al-Harbi are playing important role in getting both countries closer with respect to trade and economy. Pakistan and Saudi Arabia have stood with one another at times of need and Pakistan still is playing vital role in making Saudi stronger and secured through its Armed forces.
Mian Zahid Hussain said that Remittances from Saudi Arabia stood at $ 920 million while Pakistan’s exports to KSA were just $ 300 million in the last year which need to be improved for which preferential trade between both countries is vital. Pak Saudi coordination council and Pak Saudi joint chamber of commerce should take measures for increased exports to KSA. The Pak Saudi coordination council should closely monitor the investment status in Pakistan to ensure the practical implementations of investment proposals. With improved trade, investment and industrial terms between the countries will bring economic and fiscal prosperity, he added.
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To get out of FATF grey list, Pakistan needs political support of friendly countries: Mian Zahid Hussain
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Wednesday said that Pakistan is 3rd most affected country by terrorism in the world, which has lost 6 thousand armed personals, 70 thousand civilians and $ 120 billion to the economy. Terrorism in the country has reduced by 70 percent given to the military operations Zarb e Azb and Raddul Fasad for which civil military leadership is appreciated. Pakistan has taken solid measures to avoid FATF’s blacklisting and banned suspicious outfits and people.
The Veteran Business Leader while talking to the business community said that Pakistan’s delegation under the leadership of secretary finance Arif Ahmed Khan is present in Paris to attend the ongoing meeting from 18 – 22 February to respond to five important questions raised on insist of India. Pakistani institutions have stopped 8500 suspicious transactions till September 2018, which is 75 percent higher than that of the corresponding year. Pakistan enhanced the role of modern technology against terror financing, money laundering and smuggling which FATF itself acknowledged in a meeting held in January 2019.
The Former Minister said that India has started blaming Pakistan for Palwama incident without any evidence and its media is constantly busy in lobbying against Pakistan. Prime Minister Imran Khan has deliberately offered assistance on the basis of concrete evidences; his speech on the incident was voice of nation wherein he strongly condemned the Indian media and government blaming Pakistan for terror attacks.
Mian Zahid Hussain said that Pakistan has formed several laws and implemented new regulation to fight terror financing and money laundering but political support is vital to avoid black listing by FATF from the friendly countries including China, Saudi Arabia, UAE and EU as US and India are strongly in efforts of blacklisting Pakistan.
Mian Zahid Hussain said that economic challenges of Pakistan will be increased further if Pakistan is included in the FATF blacklist. Multilateral monitory institutions including IMF, WB and ADB will stop financing, interest rate will rise and FDI will be adversely affected given to shaking investors’ confidence. The Govt. should look for all possible measures to avoid blacklisting.