Future benefits: Bill tabled to legislate on BOIT

Current investment board, established through executive order, lacks legal basis.

PESHAWAR:

The provincial government has tabled a bill in the Khyber-Pakhtunkhwa Assembly to officiate the Board of Investment and Trade (BOIT).

Minister for Law, Parliamentary Affairs and Human Rights Imtiaz Shahid Qureshi presented the Khyber-Pakhtunkhwa Board of Investment and Trade Bill 2015 earlier this week. The proposed legislation aims to address a network of problems associated with the current board.

Failure to launch

Officials privy to the development told The Express Tribune the Pakistan Tehreek-e-Insaf-led government said the current board was constituted through an executive order in 2013. “However, it lacks a legal basis,” an official said. “Mohsin Aziz, an industrialist, is the vice chairman. But the board is understaffed.”

Special Assistant to Chief Minister for Industries Abdul Karim Khan told The Express Tribune the board remains functional but does not operate on a regular basis like similar bodies in the other three provinces.

“It needs to be given a legal status through legislative means,” he said. “The board has been working on major projects in the province. However, the law department and other authorities have posed hurdles for it (in the absence of legal cover).”

Abdul Karim added the industries department has not been given due attention even though the province has countless opportunities to attract investors.

“Investors are mostly private firms and we need to create a friendly environment for them,” he said.

Hack attack

Insiders revealed the board’s website has also been hacked. However, Abdul Kareem had no information about the website being hacked.

“This is the first time I’ve heard about this,” he said. “I will enquire about this as soon as possible.”

Structural affairs

The bill provides some useful guidelines on the composition of the Board of Investment and Trade and the appointment of members.

According to a copy of the bill available with The Express Tribune, the proposed board will include no less than 15 and no more than 20 members, including its chairman. Government officials and private sector members will be included in the body.

“The government officials in the board must include the K-P additional chief secretary, finance secretary, planning and development secretary and the managing director of the Bank of Khyber,” stated the bill. “Private sector members should include experts in agriculture, science, banking, commerce, economics, engineering, industry, academia, investment, marketing and technology.”

As per the proposed legislation, the government should appoint private sector members for no more than a period of three years.

“The chief minister shall be the chairman of the board while the vice chairman shall be appointed by the government for not more than three years,” read a copy of the bill. However, the person appointed for the post should be known and have experience in making and implementing policy.

The BOIT will have a chief executive officer appointed by the government, it added.

“The CEO can be a government officer of no less than grade-20,” stated the bill. “However, a private sector member can also be appointed to the post.”

Modus operandi

The proposed legislation also defines the appointment of board members in the event of a member’s death. It also defines the procedure through which the board will hold its meetings.

“All decisions should have the backing of a majority of members present at meetings,” stated the bill.

Aims and objectives

As per the proposed legislation, the BOIT will aim to facilitate investors by coordinating with relevant departments. The board will also seek to encourage foreign investors and facilitate the government to create a suitable environment for investment.

“It will also assist the implementation of K-P Public Private Partnership Act 2014,” stated the bill. “The board will be provided funds to achieve the purpose of the 2014 legislation.”

Published in The Express Tribune, November 30^th,  2015.