ISLAMABAD - Prime Minister Raja Pervez Ashraf on Thursday stressed the need for reinvigorating the Board of Investment as more effective and making it responsive to the needs of investors.

The Prime Minister was chairing a meeting here at the PM House to explore ways and means for attracting investment in the country. During the meeting discussion was held in detail on ways and means to make the Board of Investment a vehicle for attracting foreign investment in the country.

The Prime Minister directed Chairman BoI to come up with concrete proposals to put in place a mechanism so that BoI becomes a one window operation for foreign investors.

Meanwhile, Prime Minister Raja Pervez Ashraf has appreciated interest shown by Yamaha Motors Japan to establish a motorcycle manufacturing facility in Karachi at a cost of $ 150 million. Yamaha Motors will introduce latest technologies and create job opportunities besides contributing revenue for the government. In a meeting with delegation of Yamaha Motors, Japan at the Prime Minister House Thursday, the Prime Minister said that Yamaha is a household name in Pakistan.

The Prime Minister expressed the confidence that Yamaha plant will be a success story and attract foreign investment in the country.  He said that every second person in Pakistani village has a motorcycle, therefore there is huge potential for motorcycle industry in the country.

The Prime Minister said Pakistan and Japan enjoy close relations and this project will further strengthen these ties.

The Prime Minister assured the delegation that government would provide all facilities to the company in its endeavour to expand its operations and introduce state of the art technologies. ITO Yasushi, General Manager, Yamaha Japan said that on attaining full production capacity the project will attain production of 45,000 units annually. ITO Yasushi, General Manager, Yamaha Japan informed the Prime Minister about the intention of the company to further expand its manufacturing units in Pakistan.

He said with the setting up of Motorcycle Manufacturing facility in Karachi with EFI, automatic transmission and European standard exhaust system, the company will not only be the pioneer in Pakistan but would also target the Middle East, Central Asian and African Markets and contribute towards the country’s exports. He said the company is planning to initially import the CKD kits but would develop local capacity through a relationship with local vendors.

He also informed the Prime Minister that the company plans to achieve indigenization of motorcycle manufacturing to 85pc in 10 years which would enable the workforce to develop expertise in manufacturing different parts of motorcycles. The delegation members thanked the Prime Minister for his personal interest.

They expressed the confidence that with the investment friendly policies of the government more investors would explore the automobile sector in Pakistan. Other members of delegation included General Managers of Yamaha Japan Ishikawa Shigeru and SATO Hiroshi. The meeting was also attended by Chairman Board of Investment Saleem H. Mandviwala and senior government officials.