ISLAMABAD-The Board of Investment (BOI) will launch the pilot phase of the ‘Invest Pakistan’ initiative this year to attract foreign investment as the initial concept note has been approved by the federal cabinet, said a senior official.
“The project is aimed at ensuring policy advocacy initiatives with the support of the private sector to promote and facilitate foreign direct investment (FDI) in Pakistan,” said Ambreen Iftikhar, Additional Secretary of BOI, while talking to WealthPK. She said the Invest Pakistan initiative will be a flagship project to lure investment, and it will help bridge the gap between the private and public sectors. After approval of the concept note, the next step regarding legislation will begin soon. “Keeping in view Pakistan’s strategic location to become Asia’s premier trade, energy and transport corridor, the BOI is working hard to make and represent Pakistan as an ideal place for foreign investment,” Ambreen said.
Besides that, she said, Pakistan is the gateway to the energy-rich Central Asian and Gulf countries, and the strategic advantage makes Pakistan a marketplace teeming with best possibilities. While outlining the major objectives of Invest Pakistan, she said it will help develop a new and innovative private partnership to facilitate and promote FDI as being practiced worldwide. The low level of FDI and looming macroeconomic crisis both require immediate and medium to long-term fixes. Under the initiative, the BOI will register a new public-private partnership company named ‘Invest Pakistan’. The company will function as a joint venture between the government and private sector partners to bring together the expertise and resources required to promote investment in Pakistan. The company will be mandated to work as an investment promotion agency, with the primary objective of creating a more business-friendly environment in the country to encourage foreign investment. Experts believe that Pakistan has the potential to transform its investment landscape as it has an attractive market size.