Pak textile sector is shifting to BD, Chairman BOI

ISLAMABAD, (SANA): The Board of Investment Chairman Saleem H. Mandviwalla categorically said that due to energy crises in the country and to avail better incentives the textile sector shifting from Pakistan to Bangladesh.

While giving an exclusive interview to SANA, Mandviwalla said the ongoing energy shortage and Karachi violence are affecting the Foreign Direct Investment (FDI) in Pakistan, that’s why it is still decreasing from last four years.

He officially confirmed that Pakistani textile sector shifting from Pakistan to Bangladesh saying investors are like birds whose have no country but he gives priority to stay where he found profit and feels that his investment is safe. He said that Bangladeshi textile market is more attractive from Pakistan in terms of incentives and environment.

The Chairman believes that this trend is fragile that’s why it is not worried for Pakistan as Pakistani investors who go to Bangladesh, they did not closed their businesses in Pakistan but they extended their businesses to abroad.

He said that the ongoing energy crises and Karachi violence affected FDIs. He said that the downwards trend in FDIs is also global phenomenon as it is declining overall in the world. The FDIs

“This trend is not worsening in Pakistan comparatively to India as this trend is speedy in there despite the fact that Pakistan is facing energy crises and terrorism”, stated Mandviwalla.

Rejecting possibility to grant “The Most Favourite Nation” to India and said that how it is possible for Pakistan to give the status when Pakistani investors are banned to investment in India according to the Indian Investment Policy.

He criticized on the Musharraf regime over granting operational control of Gawadar Port to Singapore Authority and termed it irrational decision adding that the agreement will be expired within two hours and after that, the port will be handed over to China for making it vibrant.

Responding a question, he said that the huge opportunities for investment in Hydel projects in Azad Kashmir but unrealistic approach of Azad Kashmir government is main hurdle in this way adding that they want to initial the projects with own investment which is impossible for Pakistan due to financial crunch.

South Asian News Agency (SANA)