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India in-principle agrees to allow
investments from Pakistan
Wednesday May 02, 2012 08:00:34 PM,
IANS
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New Delhi: India has
in-principle agreed to allow foreign direct investment (FDI) from
Pakistan, a move expected to enhance commercial engagement and
boost trade between the two countries, Commerce and Industry
Minister Anand Sharma said Wednesday.
"During discussions, both sides agreed upon the desirability of
promoting bilateral investments and removing impediments for such
investments and to start the transition process for normalisation
of trading of goods and services, including investment," Sharma
told lawmakers.
In written reply to a question in Rajya Sabha on whether India has
decided in-principle to allow FDI from Pakistan, Sharma said
"yes".
"The move is expected to enhance the commercial engagement and
bilateral trade between India and Pakistan," he said.
Sharma said his ministry has requested the ministry of finance to
amend the Foreign Exchange Management Act (FEMA) to allow FDI from
Pakistan.
"The ministry of finance has been requested to take steps to
appropriately amend the relevant FEMA regulations," he said.
Pakistan is the only country from where investment is not
permitted in India.
The proposal envisages allowing investments from Pakistan through
the government approval route. It will require scrutiny by the
Foreign Investment Promotion Board, wherein relevant
considerations, including security issues will be taken into
account.
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