ISLAMABAD - The Board of Investment (BoI) has formulated the new laws for ease of doing business to provide conducive business environment to local and foreign investors in the country.

The Board has introduced E- filling system and also shortened the new companies' registration process for facilitating the investors," a senior official of BoI told APP here.

He said that BoI had made digital the visa process for foreign investors and now they could apply online for business visa from anywhere and they would be responded in very short period of time. The duration of visa process had now been reduced from six months to few weeks subject to the verification from different agencies, he added.

He said, “We have also transformed the liaison and branch office from manual to online to facilitate the investors". The official said that Pakistan was among the top ten countries in the world in respect of improving investment laws and providing facilities for doing business to foreign investors.

Replying to a question, he said the National Industrial Parks (NIP), a development and a management company, would develop the planned Special Economic Zones (SEZs) in Islamabad. “We require around 50 acres of land to develop Special Economic Zones (SEZ) in the federal capital for providing equal opportunity and facilities to foreign and local investors,” he said. He suggested that Pakistani investors should go for joint venture with foreign investors to learn the international level best managerial skills and technology.

Replying to another question, he said that Foreign Direct Investment in Pakistan increased to $233.8 million in fiscal year of 2017-18 whereas during 2010 to 2017, the total FDI in the country was recorded at $2807.85 million.

The BoI is taking initiatives to further increase the FDI by holding roadshows in different potential regions of the world including Europe and Middle East. He said that through proactive approach, we would mainly focus on achieving the FDI target of $15 billion by 2025.

He said that Pakistan had one of the most liberal foreign investment regimes in South Asia.