Govt failed to attract overseas Pakistanis for investment under amnesty scheme

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ISLAMABAD: The PML-N government’s recently initiated amnesty scheme to bring foreign investment back to the country has been failed, credible sources have claimed here. In this connection, the overseas Pakistanis while expressing their reservations have refused to reinvest their money in the country. A senior government official said that the government didn’t receive even a single penny from the accounts of overseas Pakistanis since the scheme was launched.
It is pertinent to mention here that the government had announced amnesty scheme to bring illegally transferred money back in the country.
Through the scheme, it was accepted that more than Rs4 million will be brought back in the exchequer which will be helpful to improve the country’s economy. The government was hoping that foreign investment will increase in the country but so far not a single overseas Pakistan contacted the government in this connection. According to FBR officials, the scheme was introduced for both domestic and international investors, adding that domestic investors have started taking benefit from this opportunity but not at modestly.
The overseas Pakistanis have the feared that if they are bring their money back in the country; they would be stuck once again. The sources said that however some internal black sheep have legalized their black money under the former government’s launched scheme.
The official sources said that the ordinance clearly mentions that the name of investors under the scheme will be kept secret. Meanwhilem another report says that Investment in Pakistan is expected to grow at 17.2 percent of gross domestic product (GDP) during the upcoming fiscal year 2018/19 as compared to 16.4 percent during the current fiscal year (2017/18), which would help achieve sustained and inclusive growth, officials said on Monday. Fixed investment is expected to grow 15.6 percent of GDP in 2018/19, they said, adding that the National Savings as percentage of GDP were targeted at 13.1 percent.
The investment target is achievable given improvement in ease of doing business, affordable energy supply, and prospects of higher profits and enhanced capacity utilisation rate, the officials said, adding that the spillover effect from public investment under the China-Pakistan Economic Corridor (CPEC) was expected to catalyse private sector and foster public-private partnership. The expected technology and innovation spill over from interaction of Chinese and Pakistani businesses is expected to improve production in all sectors.