Govt asked to do away with restrictions on dollar outflows+.
KARACHI -- The country should do away with restrictions on dollar outflows to attract long-term foreign investment in efficiency-seeking sectors, said economist Ali Khizar in a webinar on Wednesday.
Taking part in a panel discussion on the challenges in attracting foreign investment, Mr Khizar listed several structural problems that have led to foreign investors exiting the Pakistan market with negative returns in banking and telecommunication sectors.
Referring to semi-official curbs on the repatriation of profits by multinational companies operating in Pakistan, he said such short-sighted moves to arrest the outflow of dollars are counterproductive.
Restrictions on the free flow of capital have led to the creation of a grey market as local companies are financing their imports using dollars that they remit to Dubai through illegal channels, he added.
Mr Khizar urged policymakers to attract foreign direct investment (FDI) to the export-oriented, manufacturing sector instead of consumption-led industries.
There was a net foreign inflow of only $101 million in February, up 11 per cent from a year ago. Net FDI in the first eight months of 2022-23 dropped 40pc year-on-year to $784m, according to data from the State Bank of Pakistan.
Repatriation of profits in the first seven months of the current fiscal year dropped to $220.1m, down 78.3pc from a year ago.
He also highlighted the lopsided revenue policies that heavily tax the manufacturing sector while letting real estate and retail trade segments stay largely out of the tax net.
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