The Government has further simplified foreign investment regime. It came out with the revised consolidated guidelines today on FDI to achieve the goal. The guidelines incorporated changes on inflows in multi brand retail and allowed Pakistan nationals and companies to invest in the country.
Now, a Pakistani citizen or an entity can invest in the country under the government approval route.
Besides, it has included policy changes in sectors like single brand retail, asset reconstruction companies, power exchanges, civil aviation, broadcasting and non-banking financial companies.
The government made the changes in the sixth edition of the Consolidated FDI Policy Circular, a ready reckoner on foreign investment-related regulations. It came in to effect from yesterday.
Last year, amid opposition from some of its key allies and state governments, the Centre permitted 51 per cent FDI in multi-brand retail sector.
The government also allowed foreign airlines to pick 49 per cent stake in the cash-strapped domestic carriers. It also raised FDI cap to 74 per cent in various services of the broadcasting sector.
The government has also permitted foreign investment of up to 49 per cent in the power trading exchanges in the country.
The policy has also listed as many as eight mandatory conditions and one optional clause on conversion of a company with FDI into a Limited Liability Partnerships firm.