Mirza Shahnawaz Agha, Chairman- Allied Group Holdings Limited (AGHL), while addressing the Round Table Conference RTC-II on Pakistan Paradise for Investment in Islamabad.
Mr. Faisal Zahid Malik – Editor-in-Chief
Dr. Miftah Ismail – Advisor to PM on Finance, Revenue & Economic Affairs
Lt. Gen. (Retd) Naseer Khan Janjua – Advisor to the PM on National Security
Madam Marriyum Aurangzeb – Minister of State for Information & Broadcasting, National & Literature Heritage
Mr. Naeem Y. Zamindar – Chairman BOI
Mirza Shahnawaz Agha, Chairman Beema Pakistan Company Limited #PakistanObserver #RTC -II (Round Table Conference) on #PAKISTAN Paradise for Investment #PO #RTC #Observer #
Posted by Pakistan Observer on Sunday, April 15, 2018
I will first read the quote of the Quaid, which is upheld for this RTC
“Nature has given you everything. You have got unlimited resources. The foundation of your state has been laid it is now for you to build and build quickly and as well as you can. So go ahead and I wish you good speed” 14th Aug. 1948.
Quaid – e – Azam Muhammad Ali Jinnah was spot on and there can be no better tribute we can pay to the Father of the nation other than fulfilling his wishes.
I am fortunate to be able to attend a roundtable conference on investment where the investors and the recipients are both sitting around the same table. The world has never been a perfect place in any period of time when a question of investors demands and the recipients limitations have to be done tailed! The demands are always optimum and the limitations are always stringent. The purpose of RTC is to find a middle path, and help find a middle path that can appease both parties.
Amongst us we have today luckily the managers of the economy on the one hand and the prospective investors on the other. The highlights of the factors of production, which Pakistan has to offer, are well delivered and publicized with an open declaration seeking investors to come put up their money and enterprise. What remains is a declared position from the investors’ perspective, which is what the managers of the economy need to hear, redeem and mitigate to affect a happy union. I will therefore attempt to duel on the basis for a deliberation.
The factors of production are land, labor, capital and enterprise;
Towards land the ease of access and the security from recourse in from of stay orders and the like are fundamental. Most countries for this very reason and including ecological management have contained by pre-demarcation the Municipal, Industrial, Mining and Agricultural areas of their territory. We need to do this too. We cannot, and must not allow Industrial and Municipal growth as a wild shrubs.
Next let us talk about labor. The skills development towards multifarious deployment is at the crux of the issue. Train the trainer programs plus adult vocational schools for all type of skills should be allowed freely into the country. The teaching equipment and aids should be duty-free for imports and the activity tax-free for income streams.
Capital next is the lynch pin in the context. This is shy and has always been all over the world. Serious attention of the managers of the economy is required here for industrial growth, which has become the biggest need of the country presently. We need to incentivize this aspect free of taxation altogether so that the fillip needed is achieved in the shortest period of time. It is more significant than an amnesty on the money. All new industry as listed in the industrial investment schedule must be allowed a tax holiday for the period of amortization and or fifteen years whichever is more. This should include those industries that are presently not in existence in Pakistan. In addition, the import duties and capital injection should be allowed both in cash and kind. For industries that exist and new units being set up tax holidays should be made applicable across the board. We all know that industrial growth is the backbone of any economy so please let this happen without fears of any nature or sort.
Enterprise is a constitutionally protected right of the people and bureaucratic interference has to entirely cease in determining what industry should be set up and how many units the country needs. This is a misnomer as Japan is a good example because they buy feedstock from all over the world and sell finished products to the world. Let the entrepreneur take the risk of deploying his labor and capital to his ideas. The industrial spectrum should deem to include defense production and anything the world can consume. Research chars in support at universities are as much a must and will aid the variety in production.
Respected participants, I rest my case with an appeal to the managers of the economy to let enterprise breath and to the investors, I must convey a surprise – we are the best set of people that you can come across to partner with compared to anywhere in the world. We are accommodative and serious aspirants of paradise!
Welcome to Pakistan a destination slightly short of the inside of paradise for investment, but we are at the door all right!