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BoI assures Turkish delegation about investment prospects in Pak
16
Dec '10
In order to explore prospects for investment, predominantly in textile as well as agricultural sector, a 5-member Turkish delegation has paid a visit to the Board of Investment (BoI) last week. The delegation reflected keen interest in areas of textile and agriculture.

BoI has given an assurance to the members of the delegation with regard to information exchange about investment, various policies associated with investment, apart from discerning avenues of improved economic and commercial ventures between Pakistan and Turkey and the possibility of joint investments.

Humayun Sikandari – Executive Director General of BoI provided an in-depth insight on investment policy, incentive schemes, Special Economic Zones and the remarkable prospects existing in textile, agriculture and energy sectors.

He also gave information about the recent investment data from July-Sep 2010, which is $1.3 million. He also expressed his optimism for an enormous enhancement in investments following the recent visit of the Pakistani Prime Minister and the Chairman of BoI, Saleem H. Mandviwalla to Turkey.

He revealed that textile has been a major contributor in Pakistan's exports over the past 50 years and has undergone an investment of US $7.5 billion during the last decade. He even pointed out that Pakistan is the 4th biggest cotton producer and 3rd biggest cotton consumer in the world.

Speaking about the incentives extended to the investors, he said that Pakistan grows globally renowned raw cotton and there are exclusive textile and garment cities.

There has been a significant cutback in import duty to 5 percent on textile machinery and components. Research and Development (R&D) support has been enhanced by 6 percent, revenue tax has been cut to 1 percent and sales tax has been curtailed to 2 percent.

Land is also available at various garment cities of Pakistan such as Faisalabad Garment City, Lahore Garment City and Karachi Garment City for constructing industries such as textile industries, garment factories, ginning units, light engineering plants, powerlooms and carpet industry.

Fibre2fashion News Desk - India

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