Senate passes Foreign Investment (Promotion and Protection) Bill
Pakistan
Senate passes Foreign Investment (Promotion and Protection) Bill
ISLAMABAD (Dunya News) – The upper house of the parliament on Monday passed the Foreign Investment (Promotion and Protection) Bill, 2022 aimed to protect investors from unnecessary court proceedings.
Minister for Law and Justice Azam Nazeer Tarar on behalf of Minister for Finance and Revenue Mohammad Ishaq Dar moved the bill in the house which was part of the Senate’s supplementary agenda.
Speaking in the house, he said that foreign investment was very important for the country to progress. Pakistan suffered several fines due to a halting of the Reko Diq project, he said.
The statement of objects and reasons of the bill says that to provide for the promotion and protection of certain qualified foreign investment and for matters incidental thereto it is expedient and in the national interest to attract, encourage, and protect, large-scale foreign investments into Pakistan.
To ensure sustainable economic activity and growth, it is necessary to improve the investment climate in Pakistan by way of providing incentives in direct and indirect taxes and ease of transfer and repatriation of foreign investments to the large scale foreign investment and by protecting such incentives from withdrawal and providing an expedient and efficacious mechanism to address grievances of investors of qualified investment.
It is essential for the federal government, the provincial governments, the local governments and other relevant authorities to work together and cooperate to ensure the provision of incentives and protection for qualified investments.
Later, the house was adjourned to meet again on Thursday (December 15) at 3:00 pm.
