By our correspondent
KARACHI: (February 28 2004)The Board of Investment (BoI) has urged the members of the Karachi Chamber of Commerce and Industry (KCCI) to invest in agro-based industries and foodstuff sector.

During a meeting with the acting President, KCCI, Hamid Nisar and Akhlaq Ahmed Malik, Director General BoI it was agreed on Thursday that the BoI and Karachi Chamber of Commerce and Industry would carry out joint studies aimed at facilitating the investors.

The KCCI would help the BoI in research on investment planning and would furnish its feasibility reports which would be made available to the entrepreneur by the chamber to persuade them for investment.

Hamid Nisar pointed out that there are many impediments for the local investors.

The entrepreneur and particularly the investors have to deal with over 30 agencies and department for establishment of a single unit and besides have to face the harassment by both the tax collecting agencies and other relevant departments.

Furthermore, changes’ relating to policies of trade and industry causes a lot of uncertainty, which forces potential investors to shy away.

The DG BoI maintained that the BoI is an apex body and it is capable of providing the necessary facilities for investors’.

If complaints were lodged for any problems like those pointed out the BoI would take up the matter with the higher authorities and get them resolved he assured.

He urged the KCCI members to make investment in upcountry agro-based and particularly the food industry.

Hundreds of thousands of tons of fruit are wasted every year owing to non-investment in the export business of fruits, he pointed out.

He said that the BoI has also established a Board of Facilitation to provide facilities for the local investors’.

The DG BoI agreed that foreign investment has been provided with 100 per cent protection including the guarantee of profit and permission to repatriate their earning and even withdraw the surplus capital from the country.

But he stressed that the local investment is the backbone of the economy and no progress could be availed unless the local entrepreneurs come forward for investment.

The News