Cabinet Committee on Investment to rationalise tariff to attract Foreign Direct Investment

ISLAMABAD: Cabinet Committee on Investment (CCOI) decided to rationalise tariff regime with the aim to attract foreign investment in country vital to give impetus to the overall economic progress in the country.

Prime Minister Syed Yousuf Raza Gilani chaired the meeting of CCOI here at the PM Secretariat Tuesday, which was attended by Minister for Finance Dr Abdul Hafiz Sheikh, Minister for Petroleum and Natural Resources Dr Asim Hussain, Minister for Privatisation, Chairman of FBR, Chairman Board of Investment and senior officials of Planning Commission, Ministries of Finance and Industries.

It was also decided that the meeting of the Cabinet Committee on Investment would be held quarterly to review the investment policy with a view to attract foreign investment by convincing the potential foreign investors that Pakistan is the best destination to do business.

It was also decided that the utmost endeavours would be put in place to enhance the capacity of BoI so that it could promptly respond to the emerging challenges and capitalise on the opportunities in the investment sector while keeping in view the imperatives of the country’s economy. It was also decided that individuals cases for tariff exemptions be brought up only after examining the linkages and implications for other segments of the industry. The meeting also discussed the matters pertaining to import of CNG buses and setting up of motorcycle factory in Pakistan along with transfer of technology. The PM referred the matter to the Committee headed by Deputy Chairman of Planning Commission to decide the matter in a way so as to facilitate foreign investment in the country.

Other members of the committee are Secretaries of the Ministries of Finance, Industry, BoI, Commerce and Chairman of FBR.

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