KARACHI: The Investment Charter for the developing countries, which was demanded by Malayan Prime Minister Tengku Abdul Rehman in 1958, will be prepared in Karachi early next month at the International Businessmen’s Conference, beginning Dec 5. The Charter, drafted by one of the biggest international moots in Asia, will be presented to a still larger conference at Copenhagen in May next year for approval. It will then be sent to the UN.

Twenty-eight countries of the Free World have so far signified their acceptance to attend the conference and names of 260 delegates were received in Karachi yesterday. Another six countries are also likely to attend the conference. The delegates are influential business figures in their respective countries and some of them also hold international repute.

The primary objective of the Conference will be to promote the flow of private foreign investments for economic development in the under-developed countries. The conference will study the bottlenecks that have so far hampered the free flow of direct foreign investment. It will strive to bring up an equitable formula which may be acceptable to both the capital-importing and capital-exporting countries. The ultimate aim of the conference would be to draft the Charter of Investment as was desired by the Malayan prime minister.

The countries participating in the conference, will be Australia, Austria, Belgium, Burma, Ceylon, Denmark, France, West Germany, Hong Kong, India, Indonesia, Iran, Iraq, Italy, Japan, South Korea, Malaysia, the Netherlands, Pakistan, the Philippines, Sweden, Thailand, Tunisia, Turkey, the United Kingdom, the United States of America, and Yugoslavia. Besides, the United Arab Republic, Mexico, Brazil, Afghanistan, Canada and Nepal are also expected to attend the conference.

Pakistan’s contingent will be the largest. Over 200 businessmen and industrialists will form the team of the host country. India, Japan, the USA, the UK, France and the Philippines will be represented by large contingents. The conference will have four sessions, and a special session in the nature of a symposium.

The next International Businessmen’s Conference to be held in Copenhagen is expected to be attended by 68 nations of the Free World which would mean a gathering of no less than 3,400 delegates.