The News (Pakistan) | Saturday, December 20, 2008
By Khalid Mustafa
ISLAMABAD: The government is all set to provide legal cover through parliament to protect foreign investors and their investment in all sectors particularly agriculture.
“We are in talks with investors from Gulf states, particularly Saudi Arabia, for investment in corporate farming. Investors will be ensured repatriation of 100 per cent crop yield to their countries even in case Pakistan faces food deficit,” Federal Investment Minister Waqar Ahmad Khan unveiled this while painting future investment landscape of the country.
To ensure maximum investment in the country, the government is also planning to extend life insurance facility to foreign investors in the wake of law and order situation that has worsened because of suicide attacks and militants’ other activities.
Following the recent global food commodities’ crisis, the policy-makers of Gulf countries have started thinking about food security. Since Gulf countries are devoid of any agriculture land, they want to initiate corporate farming in any Muslim country having fertile land such as Pakistan.
“We have plenty of government land in provinces and to this effect the central and provincial governments are vigorously working to identify government land that will be allotted on lease to foreign investors.”
“Foreign investors would cultivate hybrid seeds in addition to utilising modern and innovative technologies for corporate farming,” the minister said.
“They will be extended the facilities of tax holidays for 10 years period also. Moreover, they will be allowed to take back their full crops to their countries. This will have nothing to do with Pakistan food yields,” Waqar said.
The farmers will be given lucrative incentives to enhance the productivity, he said
Regarding the Bilateral Investment Treaty with USA which is running into snags for the last many years, the minister also disclosed that both the countries are set to ink the BIT once the new administration headed by Barak Obama gets installed in White House.
Right now the fast track work on BIT draft has been kicked off. The draft is lying with Ministry of Law for ratification before formal approval of the government.
To a question on arbitration clause of the BIT, the minister said that in case of any dispute, a body comprising International Chamber of Commerce and one member each from Pakistan and USA will decide the dispute that both countries would be bound to honour the verdict of the august body. However, none of the any country either USA or Pakistan will be allowed to play or influence the decision of the arbitrator. He said that the decision would be made exclusively on commercial ground not on political grounds by the arbitration body. “The BIT will help make Pakistan investment destination country.”
Talking about the investment of Friends of Pakistan, the minister said that next meeting of Friends of Pakistan is to be held in Islamabad on January 11-13 where in the projects with feasibility and detailed engineering would be identified by Friendly countries for their investment. For this proper presentation would be made before the FoPs.
By Khalid Mustafa
ISLAMABAD: The government is all set to provide legal cover through parliament to protect foreign investors and their investment in all sectors particularly agriculture.
“We are in talks with investors from Gulf states, particularly Saudi Arabia, for investment in corporate farming. Investors will be ensured repatriation of 100 per cent crop yield to their countries even in case Pakistan faces food deficit,” Federal Investment Minister Waqar Ahmad Khan unveiled this while painting future investment landscape of the country.
To ensure maximum investment in the country, the government is also planning to extend life insurance facility to foreign investors in the wake of law and order situation that has worsened because of suicide attacks and militants’ other activities.
Following the recent global food commodities’ crisis, the policy-makers of Gulf countries have started thinking about food security. Since Gulf countries are devoid of any agriculture land, they want to initiate corporate farming in any Muslim country having fertile land such as Pakistan.
“We have plenty of government land in provinces and to this effect the central and provincial governments are vigorously working to identify government land that will be allotted on lease to foreign investors.”
“Foreign investors would cultivate hybrid seeds in addition to utilising modern and innovative technologies for corporate farming,” the minister said.
“They will be extended the facilities of tax holidays for 10 years period also. Moreover, they will be allowed to take back their full crops to their countries. This will have nothing to do with Pakistan food yields,” Waqar said.
The farmers will be given lucrative incentives to enhance the productivity, he said
Regarding the Bilateral Investment Treaty with USA which is running into snags for the last many years, the minister also disclosed that both the countries are set to ink the BIT once the new administration headed by Barak Obama gets installed in White House.
Right now the fast track work on BIT draft has been kicked off. The draft is lying with Ministry of Law for ratification before formal approval of the government.
To a question on arbitration clause of the BIT, the minister said that in case of any dispute, a body comprising International Chamber of Commerce and one member each from Pakistan and USA will decide the dispute that both countries would be bound to honour the verdict of the august body. However, none of the any country either USA or Pakistan will be allowed to play or influence the decision of the arbitrator. He said that the decision would be made exclusively on commercial ground not on political grounds by the arbitration body. “The BIT will help make Pakistan investment destination country.”
Talking about the investment of Friends of Pakistan, the minister said that next meeting of Friends of Pakistan is to be held in Islamabad on January 11-13 where in the projects with feasibility and detailed engineering would be identified by Friendly countries for their investment. For this proper presentation would be made before the FoPs.
