BOI to enhance FDI through reform agenda
ISLAMABAD – The Board of investment (BOI) would implement the modern concept of super ministry and one-window operation for enhancing the foreign investment through reforms and reconstructing of the institutions.
Innovative concept of one-stop shop would be adopted in institution and also hire appropriate professional for different sectors including legal, export, investment, Special Economic Zones (SEZs), marketing and branding experts to provide conducive environment in Special Economic Zones (SEZs), Board of Investment (BOI) spokesman Shah Jahan Shah said.
In this regard, consultative committee had been formed, which consists of senior officials of establishment division and BOI to review and execute the reconstruction plan of BOI on modern lines. He said according to plan, BOI wanted to hire experts to deal with to enhance the capacity and modernisation of the institution. He said that experts for Special Economic Zones (SEZs) would be hired for initiating the projects to attract investment and provide conducive business environment.
He said that reforms agenda for restructuring of BOI will implement for enhancing the professional capacity of the institution to bring more foreign investment in country. The government has identified 46 economic zones throughout the country in different regions. Seven of the economic zones are approved.
Foreign Direct Investment (FDI) recorded increase of 154 percent during the first two months of current financial year 2017-18 as compared to the corresponding period of last financial years 2015-16. During July-Aug 2017 period, the net FDI inflow into the country is $457.2 million against $179.4 million during July-August 2016 and over overall the power and communication sectors attracted the major inward FDI.
He said that Investment Facilities Center (IFCs) would also be established in Karachi, Lahore, Islamabad and Peshawar to provide modern facilities to investors. SEZs investors would get the facility for plant and machinery import without customs duty in all four provinces of the country. The BOI spokesman said that all steps would be taken for the industrial growth in the country.
He suggested Pakistani investors should go for joint ventures with foreign investors to learn the international best practices of managerial skills and technology. He said that Special Economic Zones would lead to create employment opportunities and development in the area. He said, “We are committed to facilitate the foreign investors in Special Economic Zones (SEZs).” Three each SEZs would be established in Punjab, Sindh and one in Khyber Pakhtunkhwa, he added.