Foreign Private Investment Amendment Bill 2005 presented in Pakistan's NA
By Shiraz Afzal - Pakistan Times Staff Correspondent

ISLAMABAD: The Foreign Private Investment (Promotion and Protection), Amendment Bill 2005 further to amend the Foreign Private Investment (Promotion and Protection) Act 1976 was presented in the National Assembly here on Monday.

Minister for Privatization and Investment, Dr. Abdul Hafeez Shaikh moved the Bill, as reported by the concerned Standing Committee, in the House.

Speaking about salient features of the Bill, he said it was presented to further strengthen and promote foreign private investment in the country.

The Minister said after the passage of the Bill, the legal disputes would be dealt in the High Court. All the cases under trial in lower courts, would be shifted to High Court, he added.

Time and Jurisdiction

Dr. Hafeez Shaikh said the High Court shall decide the case within a period of six months while an appeal against the final judgement of the High Court could be filed in the Supreme Court.

Opposition members, Farid Paracha, Murtaza Satti, Imtiaz Safdar Warraich, raised objections against the proposed Bill.

Permanent Mechanism

They opined that instead of adopting cosmetic way, a permanent mechanism should be devised to bring about foreign private investment in the country.

They also claimed that environment for foreign private investment was not conducive as the law and order situation was not satisfactory in the country.

They said the copies of the proposed Bill were not timely distributed among the members.

Minister for Parliamentary Affairs, Dr. Sher Afgan Khan Niazi said that a proper procedure was adopted before presenting the Bill in the House.

He said the Bill was referred to Standing Committee on March 03 and copies were supplied to the members immediately.●