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Peace dividend: India allows investments
from Pakistan
Thursday August 02, 2012 09:01:41 AM,
IANS
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New Delhi: In a major
confidence-building step that will boost economic ties between the
two nuclear-armed neighbours and accelerate the pace of regional
integration, India Wednesday announced changes in its
long-standing regulations to allow investments by Pakistani firms
and individuals.
The Department of Industrial Policy and Promotion (DIPP) issued a
circular making changes in the Consolidated FDI Policy to allow
investments from the neighbouring country.
"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 notification issued by the DIPP.
Pakistani investments are allowed with immediate effect, it said.
All investment proposals must be routed through the Indian
government.
The clearance of Pakistani investments has created a positive tone
for the forthcoming visit of External Affairs Minister S.M.
Krishna to Islamabad next month and comes despite the lack of
adequate action by Pakistan against the 26/11 terrorists.
Pakistan was the only country in the negative list under the
Foreign Exchange Management Act (FEMA), which forbids investing in
India. Sri Lanka was removed from the list in 2006 and Bangladesh
in 2007.
The decision to allow foreign investments from Pakistan follows a
roadmap chalked out by trade and industry ministers of India and
Pakistan in April.
The two neighbours, who have fought three wars over territorial
claims in Jammu and Kashmir and continue to differ on terror, have
been following a new strategy to put economic relations at the
forefront of their relations in the hope of creating a conducive
atmosphere for resolving contentious issues.
The latest Indian decision reinforces Pakistan's decision to grant
this country Most Favoured Nation, setting the stage for improved
economic engagement between the two countries.
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