By: Nithin Belle
Source: http://www.khaleejtimes.com
Category: Investment In India
MUMBAI - In a significant breakthrough in economic ties, and as part of the confidence-building measures between India and Pakistan, New Delhi on Wednesday announced the lifting of a ban on investments from Pakistan.
“The government of India has reviewed the policy…and decided to permit a citizen of Pakistan or an entity incorporated in Pakistan to make investments in India, under the government route, in sectors/activities other than defence, space and atomic energy,” said an official statement.
All investment proposals by Pakistani individuals and companies would have to be cleared by the Foreign Investment Promotion Board, which will seek clearances from the defence and home ministries. The lifting of the ban on foreign direct investment (FDI) from Pakistan is the latest in a series of moves that the two neighbours have initiated in recent months to normalise their economic ties. Pakistan has agreed to grant MFN status to India.
Reacting to Indian decision, Pakistani foreign ministry spokesman Moazzam Khan said: “We welcome this decision.” “It will definitely benefit Pakistani investors and industrialists. We hope this decision will be fruitful for the people of both countries.”
Pakistani businessmen also welcomed the move. “We do appreciate this action by the government of India, but what will be more interesting for me is when the Indian authorities lift its ban on Indian investors investing in Pakistan,” said Majyd Aziz, involved in the import and export of minerals and in shipping.
Source: http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/international/2012/August/international_August22.xml§ion=international
Source: http://www.khaleejtimes.com
Category: Investment In India
MUMBAI - In a significant breakthrough in economic ties, and as part of the confidence-building measures between India and Pakistan, New Delhi on Wednesday announced the lifting of a ban on investments from Pakistan.
“The government of India has reviewed the policy…and decided to permit a citizen of Pakistan or an entity incorporated in Pakistan to make investments in India, under the government route, in sectors/activities other than defence, space and atomic energy,” said an official statement.
All investment proposals by Pakistani individuals and companies would have to be cleared by the Foreign Investment Promotion Board, which will seek clearances from the defence and home ministries. The lifting of the ban on foreign direct investment (FDI) from Pakistan is the latest in a series of moves that the two neighbours have initiated in recent months to normalise their economic ties. Pakistan has agreed to grant MFN status to India.
Reacting to Indian decision, Pakistani foreign ministry spokesman Moazzam Khan said: “We welcome this decision.” “It will definitely benefit Pakistani investors and industrialists. We hope this decision will be fruitful for the people of both countries.”
Pakistani businessmen also welcomed the move. “We do appreciate this action by the government of India, but what will be more interesting for me is when the Indian authorities lift its ban on Indian investors investing in Pakistan,” said Majyd Aziz, involved in the import and export of minerals and in shipping.
Source: http://www.khaleejtimes.com/kt-article-display-1.asp?xfile=data/international/2012/August/international_August22.xml§ion=international
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