The Senate approved amendments to the Foreign Investment (Promotion & Protection) Amendment Bill, 2022, which restricts the legislation’s jurisdiction in Balochistan to “qualified investment” for the Reko Diq project.
The bill was laid by Finance Minister Ishaq Dar.
Chairman Sadiq Sanjrani claimed the bill will help bring foreign investment in the country, especially in Balochistan, Radio Pakistan reported. He felicitated the present and previous governments for their work on it.
The bill, which was already passed by two houses of parliament earlier this week, is aimed at giving protection to foreign investments in the country.
It has to be approved by the NA before it is finalised.
Earlier, following cabinet’s approval of funding for the Reko Diq deal, Balochistan National Party-Mengal (BNP-M) chief Sardar Akhtar Mengal had expressed inclination towards parting ways with the federal government.
The government’s coalition partners BNP-M and Jamiat Ulema-e-Islam-Fazl (JUI-F) had raised concerns regarding the approval of project funding and the foreign investment protection bill, which was passed amid opposition from the two parties.
Speaking on Geo News programme ‘Capital Talk‘, Mengal had once again expressed concern over the progress on the bill and said that there is a possibility that his party detaches itself from the ruling coalition if the concerns are not addressed.
He had said that all allies should be taken in the loop while making decisions. “Instead of parties, investors are taken into confidence,” Mengal said.
He had said that that companies and their CEOs are given more importance than Parliament, therefore the allies will also have to reconsider the basis of their alliance.
He had said that the lives of people are changed in places rich with resources.
“But it’s Balochistan’s misfortune that the way its resources were discovered, it became a misery for us,” Mengal had said.
Meanwhile, JUI-F’s leader Kamran Murtaza, who was also a guest in the programme, had said that the Foreign Investment Bill was passed forcefully with “deception”, which is a threat for the Centre.
FIFA World Cup
Moreover, the House unanimously adopted a resolution felicitating Qatar’s Emir Tamim bin Hamad Al Thani and its people for successfully holding the FIFA World Cup.
The resolution moved by Senator Sarfraz Bugti said arrangements for the football world cup are exemplary. It further said Qatar has ensured best available facilities to visitors and all teams.
It said that the House condemned all deliberate, malicious and negative propaganda instigated against Qatar for holding this successful event. It said the people of Pakistan are proud of the people and the State of Qatar as being the first Muslim and Gulf state for successfully holding the World Cup.