Reko Diq Project: Pakistan’s Senate Passes Bill to Protect Foreign Investment

Mon Dec 12 2022
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ISLAMABAD: The Senate of Pakistan on Monday passed the Foreign Investment (Protection and Promotion) Bill, 2022 — paving the way for the reconstitution of the Reko Diq mining project.

The Supreme Court of the country on Friday declared the revival of the Reko Diq project legal. The apex court, in its verdict, stated that the proposed Foreign Investment (Promotion and Protection) Bill, 2022 and any amendments to the bill would not violate the law or the Constitution, provided that the relevant resolutions were passed by the Balochistan and Sindh provincial assemblies and the National Assembly of Pakistan after following the required due procedure.

SC declares Reko Diq project deal legal

During the Senate session today, Law Minister Azam Nazeer Tarar presented the draft bill, which was also part of the Upper House’s supplementary agenda.

In a brief speech, the minister said that foreign investment was very important for the country to progress. “It is in everyone’s knowledge that the Reko Diq project came to a halt because of which Pakistan suffered several fines.”

Sanjrani asked the house members if they had any objections to the bill. At this, PPP Senator Raza Rabbani and National Party’s Tahir Bizenjo raised their hands in objection to the law.

However, the legislation still went through as the Senate chairman said that the “Foreign Investment Protection and Promotion Bill, 2022, is adopted” and adjourned the session till Thursday.

The Foreign Investment (Protection and Promotion) law, 2022, aims to protect investors from unnecessary court proceedings and other hassles.

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