FAISALABAD

The green field industrial and expansion projects to be launched by the government as per the prime minister's announcement will increase investment and create new jobs, said Sohail Bin Rashid, the president of Faisalabad Chamber of Commerce & Industry.

He said that the investment to Rs25 million will be exempted from disclosing of source of income which, no doubt, is a very prudent and good decision of the government. However, he said that the amount should be increased up to Rs.50 million. It will attract the people for investment in major projects which will not only provide jobs but also strengthen national economy, he also said.

He was appreciative of a whitening scheme of the government for investment, and said that investment in the identified areas and fields will better GDP growth. Similarly, investment in captive power plants will provide much needed electricity to the local areas and industry and the investment in mining and quarrying will also result in utilisation of rich mineral and natural resources of the country, he said. Investment in low-cost housing schemes will provide new houses for the lower segment of society and workers, he added.

He said that the taxpayers will be encouraged with issuance of privilege cards and would be entitled to use VIP lounge at airports, fast track clearance at immigration counters, issuance of gratis passport and increase in baggage allowance.

He said that growth of domestic commerce and investment is necessary to attract foreign investment. He said the foreign private investment increased by 46 percent in the July, 2013 and the flow of Foreign Direct Investment has gained momentum to US$ 1.318 billion during July-May, 2013.

 could jump to 100 percent as foreign investors are looking for undertaking investment in various sectors of economy and industry in Pakistan, he added. He urged the government to provide long-term economic policies and congenial business environments, providing satisfactory law and order situation and easy taxation to mobilise further investment.