FDI to surge with better trading across borders
OICCI president says Pakistan has suffered considerably due to negative perception
PHOTO:FILE
KARACHI:
The business community has voiced a firm hope that Pakistan will attract significant foreign direct investment (FDI) for export projects once the country displays a modest improvement in the trading across borders parameter in the World Bank Ease of Doing Business Index.
Speaking to The Express Tribune, Overseas Investors Chamber of Commerce and Industry (OICCI) President Irfan Siddiqui lamented Pakistan’s low regional trade volume despite availability of cheap labour and raw material for the production of export-oriented goods and access to Gulf Cooperation Council (GCC) and Central Asian markets.
LAHORE: Pakistan has by and large world class intellectual property rights (IPR) laws but lack their effective use, Overseas Investors Chamber of Commerce and Industry (OICCI) President Irfan Siddiqui said in a statement issued on Monday.
The statement, issued on the occasion of World Intellectual Property Day, stressed that protection of IPR in Pakistan is critical for attracting and retaining FDI in the country. “Laws which give a strong protection to IPR play a key role in encouraging innovation and creativity,” Mr Siddiqui said.
“IPR protection motivates innovators, promotes business growth, creates employment, diversifies the choice of products available to consumers, as well as attracts new FDI and promotes innovation and jobs. Without adequate IP protection, local innovators are unable to attract investments, business creation is slow, and jobs lost,” the OICCI statement read.