PIAF for concrete steps to attract investment to save jobs, as FDI drops to 9-month low


ISLAMABAD:    The Pakistan Industrial and Traders Association Front has asked the government to take concrete steps to attract foreign investment, saving the livelihood of millions of workers associated with various sectors, as foreign investment in Pakistan’s long-term projects like power plants, oil and gas exploration and 3G/4G internet has dropped to a nine-month low at $120 million in May 2020.
PIAF chairman Mian Nauman Kabir, in a joint statement with the senior vice chairman Nasir Hameed and vice chairman Javed Siddiqi, observed that the government will have to make visible reduction in taxes in the budget to help revive the businesses, which are near to bankruptcies owing to prolonged worldwide lockdowns amidst coronavirus.
He said that like the domestic industry Covid-19 crisis has also forced the global investors to put their new investment plans on hold, foreign direct investment (FDI) was 10% lower than the $133.2 million recorded in April 2020 and 53% lesser than the $254 million registered in May 2019.
He said that there is no visible improvement in employment a month after the business activities were allowed and countrywide lockdown eased. The small and medium industries (SMEs) -the main providers of jobs are still struggling because of lack of funds and demand.