PAKISTANI ORIGIN FOREIGN NATIONALS DEMAND RISK INSURANCE COVER FROM BOI

The Union of Small and Medium Enterprises (UNISAME) in a message to federal secretary commerce Qasim Niaz conveyed to him the willingness of the Pakistani origin foreign nationals residing overseas and their desire to invest in Pakistan provided they are given security and national insurance guarantee against losses caused by unfavourable incidents and losses due to bad treatment at the hands of the mafia.

President UNISAME Zulfikar Thaver said a survey conducted by UNISAME revealed that many Pakistani origin foreign nationals of UK, USA, European and Fareastern countries and Africa are interested in setting up industries in Pakistan with latest technology with or without foreign collaboration for manufacturing products from indigenous raw material,engage in corporate advanced farming and also manufacturing of import substitution items with their own investments but are apprehensive about losses due to the law and order situation, strikes, riots and civil commotion and desire firm commitment from the Pakistan government for compensation against such mishaps.

He said the investors are prepared to take commercial and business risk but are not inclined to take the risk of being victimized by gangsterism, mafia, kidnapping for ransom and other excessive malpractices prevailing in the country.

He said there is some crime in all countries of the world but the positive aspect is that the law enforcing agencies do not spare the criminals and really get after them scientifically and have them punished by courts after prosecution with evidence.

Unfortunately in Pakistan the prosecution is subdued by the overpowering mafia and needs to be dealt with an iron hand he added.

UNISAME has urged the federal secretary commerce to consider providing security and insurance cover to the prospective investors to encourage them to come forward assured of compensation in case of losses due to theft, looting or damages caused by the miscreants to their life and property in Pakistan. The investors have expressed their full confidence in the business friendly policies of the Pakistan Muslim League Nawaz Sharif government and are very keen to invest in Pakistan but need security and guarantee from the Board of Investment (BOI) and also need the appropriate facilities for speedy execution f their projects.

UNISAME also suggested to facilitate the prospective investors under one window operation and tax exemptions for manufacturing alternate energy devices in solar, wind and biomass systems.

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