Lamaison Developers Pvt Ltd., a real estate investor, has presented an investment proposal to complete the Islamabad City master plan based on the 1960 development plan.
The proposal was discussed during a meeting of the National Assembly Standing Committee on Board of Investment on Wednesday. The committee recommended the involvement of all stakeholders in further discussions before reaching a decision on the matter.
Representatives from Lamaison Developers Pvt. Ltd. pitched an investment project to the committee that has the potential to generate a return of USD 2 billion without any government expenditure. The real estate investment agency expressed its willingness to undertake the completion of the Islamabad City master plan, aligning it with the original development plan from 1960.
The committee emphasized the need to involve relevant stakeholders, including the Ministry of Housing and Works, FGECHA, CDA, and the local administration of Islamabad, in any discussions related to the investment proposal. It was considered essential to gather input from all parties concerned before moving forward with the initiative.
The Ministry informed the committee about a One-Stop Shop initiative being introduced to facilitate investors and stakeholders in the investment procedures for Special Economic Zones. This initiative is awaiting approval from the Cabinet Committee for Disposal of Legislative Cases. Additionally, the Ministry highlighted the appointment of Honorary Investment Counsels in various countries on a pro-bono basis to attract investment.
The committee was apprised of the “Asaan Karobar Bill,” which has been submitted to the Cabinet for recommendations. Members of the committee encouraged the Ministry to share the details of the bill for review. Furthermore, the committee was briefed on the Pakistan Regulatory Modernization Initiative, aimed at streamlining business processes to enhance efficiency and investor-friendliness.
The Ministry informed the committee about the creation of a Business-to-Business portal for the China-Pakistan Economic Corridor (CPEC) to assist investors. This portal is linked to the Chinese Board of Investment, and the committee was recommended to visit the “Business-to-Business portal established by the Board of Investment” to gain further insights.
The Ministry assured the committee of continuous coordination with provincial Boards of Investment to ensure an effective investment procedure. Updates were shared regarding Foreign Direct Investment in various projects, including the establishment of an oil refinery at Gwadar.
Lamaison Developers’ proposal for investment in the completion of Islamabad City’s master plan has drawn the attention of the National Assembly Standing Committee on Board of Investment. The committee stressed the importance of involving all stakeholders in discussions before making any decisions. The Ministry provided updates on investment facilitation initiatives, legislative developments, and efforts to attract foreign direct investment. The committee members present at the meeting expressed their interest in these developments.
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