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By AMANULLAH BASHAR
Dec 06 - 12, 1999

A new economic package is expected to be announced by the third week of December 1999, this was disclosed by Khalid Majid, Director General, Board of Investment (BOI).

Talking to PAGE Khalid Majid said that forthcoming economic package is likely to be warmly responded specially by the foreign investors because of firmness and consistency in its nature, besides reassuring socio-political stability in the country.

He said that freezing of the foreign currency accounts by the previous government on May 28, 1998 was such a blunder which badly shattered the confidence of the foreign investors in Pakistan. The act of freezing foreign currency account not only scared away the investors as well as the non resident Pakistanis. Home remittances which constitute an important part of total cash flow from external resources came to a sudden halt.

Elaborating his point of view, Khalid said that socio-political stability, community approach and harmony among different strata of the society accompanied by firmness of the government policies are the pre-requisites to build the image of a country as a place to invest.

These are the requirements to develop the environment conducive for foreign investment, which however need a quality leadership.

Contrary to this perception, frequent changes in the policies, rampant corruption at grass root level, political destability and persistent law and order situation adversely affected the investment climate in our country, he regretted.