Foreign investments

Government of Pakistan pledged to encourage and protect foreign investment: Fareena Mazhar – News

In terms of incentives, Pakistan offers no income tax on exports of IT and IT services until June 2025

Posted: Mon 6 Dec 2021, 19:35

Pakistan Board of Investment Federal Secretary Fareena Mazhar said on Monday the government was determined to encourage and protect foreign investment in the country.

She was speaking at a seminar to inform potential foreign investors about investment policies and potential in Pakistan. The theme of the seminar was “Opportunities for investment in education and innovation in technology”. The seminar was attended by many overseas foreign and Pakistani investors. Participants expressed interest in the existing opportunities in Pakistan and the government policies to attract investment in emerging technologies. Special Technology Zones Authority (STZA), NUST, Evamp and Sanga, UAE, Lenovo, Ecolean, Aviation Complex Kamra also participated in the seminar.

Fareena Mazhar informed the public that there are 22 approved SEZs in Pakistan and four of them have cutting edge business facilities and ecosystems ready to be invested as Early Harvest projects.

“The Islamabad Board of Investment, as Pakistan’s premier investment promotion agency, leads the Pakistan Regulatory Modernization Initiatives (PRMI), a key initiative of the Pakistani government for the modernization and regulation of local businesses through technological interventions aimed at providing a conducive business environment in the country, ”said Mazhar.

She informed the public that the IT sector is one of the fastest growing sectors in Pakistan, contributing around 1% of the country’s GDP to around $ 3.5 billion. She added that it had doubled in the past two years and that experts expect it to continue to grow 100% over the next two to four years to reach $ 7 billion.

“Pakistan’s IT market is full of skilled people who are equipped to meet the needs of the market at relatively low costs,” Mazhar said. Further developing independent development, she explained that the country is ranked fourth in the world for independent development and digital growth in Pakistan is rapidly changing.

She also informed that Pakistan developed its first national science, technology and innovation policy in 2012 and that innovation since then has been properly documented as a long-term strategy to boost growth. by the Government of Pakistan.

Highlighting Pakistan’s digital landscape, she explained that, according to Google, Pakistan is emerging as a digital premier country and opening up new opportunities for businesses to digitally interact with consumers. In terms of incentives, Pakistan offers no income tax on IT and IT services exports (ITES) until June 2025, 100% foreign ownership of IT and ITES companies, and 100% repatriation. benefits to foreign investors in IT and ITES.

Mazhar presented several opportunities and incentives offered by the Government of Pakistan in the priority sectors of Pakistan including IT, Automotive, Logistics and Food Processing, etc. She said that the country’s economic recovery is a priority area for the current government and Pakistan, under the leadership of Prime Minister Imran Khan, is undertaking bold economic reforms that have boosted business confidence and helped the country to improve in all sectors of the economy.

She concluded by stating that there are currently many multinational companies operating in Pakistan and the government of Pakistan is committed to protecting and encouraging foreign investment. She assured that the government of Pakistan is committed to protecting and encouraging foreign investment and assured the audience that the Board of Investment will facilitate the investors and help them to execute their investments.

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