Gwadar: Prime Minister (PM) Shehbaz Sharif on Monday (August 15) constituted committees to address the concerns and issues of foreign investors regarding the Gwadar Free Zone, news sources reported. The committees will probe hurdles and issues faced by the investors and will present a detailed report to the cabinet in 10 days.
According to reports, the premier ordered that special arrangements should be made to handle the problems and issues of all Chinese enterprises on a priority basis, including visa barriers. On this occasion, the prime minister was informed that foreign firms are willing to spend USD 10 billion on energy, road infrastructure, railroads, port infrastructure, and other projects. The planned projects would create 45,000 jobs while also increasing Pakistan’s Ease of Doing Business (EODB) ranking. In this regard, the first phase will see an investment of USD 2 billion.
Furthermore, the cabinet meeting authorised the Government Commercial Transaction Act, which had been submitted by the Ministry of Law and Justice, and suggested that it be sent to the relevant parliamentary committee for further vetting and approval. The new draft act would allow the government to conduct government-to-government (G2G) transactions, strengthening the trust of international investors and encouraging foreign investment in Pakistan.
It is important to note that the government formulated the initial draft of the G2G policy in July to increase transaction volume in a short period of time without the need for lengthy approvals.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
