Islamabad: Pakistan Engineering Council (PEC) registration policy 2017, has turned into a stumbling block in pouring in foreign investment into Pakistan. The poor competition among interested parties for bigger projects witnessed in the recent years is its ample proof, The policy ,Instead facilitating the investors and given them a comfortable environment to make Pakistan a destination for investment, has been discouraging them to participate in bidder process for multi-million dollar worth projects, said representative of one of victim companies whose representatives had approached to Oil and Gas Development companies against the PEC unfair guidelines for seeking explanation . The PEC provision demanding the prospect bidders to pay registration fee of $ 24000/ in advance is self-explanatory. According to the provision, each potential bidder is required to pay the PEC $ 24000 prior to taking part in bidding process. This unfair PEC provision is already hurting the national interest. It has resulted in competition between a few parties that ultimately could result in cartelization.
Speaking to NEWSMAN while requesting anonymity the representative said how come a potential bidder can pay such a huge amount at a stage where he is not sure of getting the project. PEC, instead asking for registration fee in advance should seek this registration fee from the successful bidders.
The PEC, probably, introduced this provision to earn money from the potential foreign bidders in the name of registration, but the architect of this provision are not aware of its cost which the country is payment by losing investment opportunities. Another, fallout of this unrealistic provision is imminent from the poor competition coming for even bigger projects. The officials of many public sector entities have approached to PEC authorities in different cases to make them feel that PEC rules in particular its provision of advance payment of $ 24000/ as registration fee was not only shying away foreign investment from Pakistan, but also bringing poor competition but PEC officials are not paying any heed to such calls.
“We had approached to PEC to revisit its provision seeking $ 24000 payment from foreign investment prior to bid for any project and tried to convince them that such anti investment rules and regulation of the council were hurting Pakistan by shunning away foreign investment but, they our calls were rejected on lame excuse” a senior official of Oil and Gas Development Company Limited (OGDCL) said.
An official document available with NEWSMAN shows ENAR, a Karachi-i based, consultant firm, also raised the issue with PEC for seeking correction as its rules, but it too was not given positive response by the concerned authorities.
Pakistan is in difficult phase and particularly to improve its image and reap its financial benefits its badly looking for securing foreign investment for its mega projects . Prime Minister, Imran Khan, himself is traveling to different counties to secure foreign investment . He is being also emphasizing on need of business and investment friendly environment in the country to woo foreign investment but all his efforts do not seem bringing required result as a result of anti investment policy of PEC.
PEC chairman, Javed Saleem Qureshi , was contacted on his cell phone time and again but he did not attend the calls. He was sent a message through Whatsapp with a questionnaire for getting his response. Here again he did not bother to give his side of the story to add to it PEC’s version.