PM directs Board of Investment to harmonise business laws

BOI chairman presents to PM draft of new investment strategy

ISLAMABAD: Prime Minister Imran Khan directed on Friday the Board of Investment (BOI) chairman to harmonise business-related laws enforced in the federal capital and provinces within a month.

Chairing a meeting of the BOI board of directors, the prime minister also gave directives for streamlining business-related laws in light of the board's recommendations in order to remove unnecessary conditions.

The meeting was attended by Minister for Energy Omar Ayub Khan, Adviser on Finance Dr Abdul Hafeez Shaikh, Adviser on Commerce Abdul Razak Dawood, BOI Chairman Zubair Gillani, Dr Salman Shah, Dr Shamshad Akhtar, Ahmer Bilal Sufi and others.

The meeting discussed the measures to promote domestic and foreign investment, remove impediments, establish Special Economic Zones (SEZs) and facilitate the industrial sector and business community at federal and provincial levels.

The BOI chairman presented first draft of a proposed new strategy on investment for 2020-24 to the prime minister, which would be finalised in accordance with suggestions of the board members.

The prime minister was apprised that the BOI had initiated the process of bringing harmony among various federal and provincial laws related to the business sector.

The investment board was also mulling over the laws concerning the SEZs to make them business-friendly. The premier said it was among the government's priorities to encourage and facilitate the investors.

He was of the view that disharmony among federal and provincial laws, unnecessary regulations for businesses and corrupt practices had created trouble for the business community, which also stagnated industrial development.

He said the government was taking full advantage of the huge young population of Pakistan, low-cost workforce and the government's liberal investment policies, which were providing an atmosphere conducive to investment.

Published in The Express Tribune, July 13^th, 2019.

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