Vice President Ahmed Adeeb Abdul Ghafoor has stated that the Government will not sell parts of the nation to other nations.
He made the statement speaking in the press conference held after the ratification of the amendment to the Constitution. Vice President Adeeb stated that the purpose of the amendment was to usher in mega projects worth over US$ 1 billion. The amendment to constitution makes
it possible for investors to purchase land on a freehold basis, provided that the investor reclaims 70 percent of the land.
Vice President Adeeb said that the Government did not differentiate based on the country of origin of the investors, but rather was motivated to bring in investors by incentivizing them. He added that the Government wished to generate a reliable source of income in the form of taxation and rent, which would normally be halted if the land was on a long term lease.
He assured that under this system, black markets will not be given the chance to thrive. He added that it was vital that the land area is to be used over a long term, which would in turn generate long term revenue. He also added that the main focus will be to develop these areas for commercial use and not individual use, with an eye for luxury.
We are not selling land to any nation: Vice President
