Dubai: Leading Pakistani businessmen in the UAE have urged their government back home to take steps to ensure safety and security of investors if it wants to lure foreign investment.
They believed that the deteriorating law and order situation, lack of security, bureaucratic red tape and energy crisis are the main reasons why investors shy away from Pakistan.
A number of Pakistani businessmen, who spoke to Gulf News on the sidelines of the Public Private Partnership Conference held in Dubai on Tuesday, believed that the investment environment in Pakistan cannot be conducive until the government introduces transparent policies, facilitate investors and provide protection to their lives and properties including investments.
Iskandar Sultan Khawaja, president of the Pakistan Business Council (PBC) in Dubai, said that a number of foreign and Pakistani businessmen want to invest in Pakistan, but the environment is not conducive. "No one has got any sense of security in Pakistan, but the investors still want to go there if the government ensures their security," he said.
He added that the conference provides a good platform for interaction between the potential investors and the private-public sector companies and officials in Pakistan. "But I believe that the government does such seminars but forgets to follow up," he added.
Iqbal Usman, a leading businessman and chairman of the Business Group for the Food Sector at the Sharjah Chamber of Commerce and Industry (SCCI), believed that there was huge potential for investment in the agriculture, food and livestock sector in Pakistan.
"Investors are interested, but their only concern is security. Pakistan needs to take drastic steps to regain investors' confidence," he said. However, he appreciated the UAE's initiative to host the conference on such an important issue to help Pakistan.
Tanveerul Islam Khawaja, a prominent Pakistani businessman in Dubai, was disappointed in the quality of presentations given by Pakistani officials at the conference because he found many of them misleading and incorrect.
"These officials should have been better prepared for the conference to take maximum advantage of this great opportunity," he said.
He said some of the greatest challenges hindering investors going to Pakistan are the security concerns, transparency and good governance.
Incentives
A strong government is required to carry out the business and Shabbir Merchant, another Pakistani businessman said that the conference was good idea but unfortunately the investors' confidence is not high.
"I believe that the government should first provide incentives to attract overseas Pakistani investors and the foreign investors will follow suit," he said.
Mian Mohammad Muneer from a leading chain of building materials firms said that it was a good idea to attract investors from the FODP member countries, but Pakistan should also make earnest efforts to encourage overseas Pakistanis to invest in their own countries.
"Pakistanis living abroad have the potential to bring the country out of the economic crisis but there is a deficit of confidence and trust. Investors want assurance for the safety of their investment and security of their lives," he said.
