Pakistan would rewrite all bilateral investment treaties (BITs) using a new BIT template that the government is finalizing, a top official of the Board of Investment said.
Fareena Mazhar, secretary of the Board of Investment, stated during the World Investment Forum’s virtual ‘International Investment Agreement’ Conference that they had received a favorable early response from the BIT partners.
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The BoI is currently working on modernizing the country’s entire investment policy and legal framework. The framework is designed to be more true and fair. The United Nations Conference on the Trade and Development (UNCTAD) has committed to assist Pakistan.
Pakistan has signed 53 BITs with other nations, according to available statistics. 32 BITs are currently in place; five have been canceled, and 16 have been signed but are not yet in force.
She added that Pakistan established the new BIT template with UNCTAD and other reputable local and international experts. The new BIT template enables and protects genuine and sustainable investments in the country. These investments helps to sustain the economy of our country and helps us to grow more. More and more investments will bring the sustainability in the economic growth. This initiative should have taken early but its never too late when it comes to improvement and growth.
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“At the moment, governments worldwide are confronted with pressing and contentious questions about their BITs. They are reconsidering their approaches to those agreements, as BITs have not been as effective at attracting much-needed FDI. As a result, unilateral terminations are occurring,” Ms. Mazhar said.
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