PBIT targets tangible projects to woo investors

Punjab Board of Investment and Trade (PBIT) Chairman Muntaha Ashraf has said that the board is introducing well-prepared and tangible projects to attract investors.

Speaking at a meeting with members of the Lahore Chamber of Commerce and Industry (LCCI), he stressed that instead of mere documentation, the PBIT was committed to developing solid, investment-ready projects to facilitate potential investors.

The chairman said that the PBIT had identified 10 sectors with high investment potential, particularly shrimp farming, which offered significant export prospects. A new data repository is being developed to provide crucial information and streamline the investment process.

He added that the Business Facilitation Centre was providing services of 35 federal and provincial departments to support businessmen more effectively.

The investment board is also actively pursuing the relocation of Chinese industries to Pakistan and is planning to collaborate with the LCCI in that regard.

Speaking on the occasion, LCCI President Mian Abuzar Shad highlighted the PBIT's critical role in Punjab's economic development.

He mentioned that Punjab accounted for 55% of Pakistan's gross domestic product (GDP) and provided employment to 38 million people.

However, he was concerned about the low foreign direct investment (FDI) in Pakistan, which currently stood at $2.3 billion.

He called for undertaking efforts to unlock the potential in different sectors like engineering, pharmaceuticals, agriculture and information technology.

Mian Abuzar Shad underscored the importance of addressing challenges like water scarcity, shrinking agricultural land and revenue shortfalls. He proposed the inclusion of LCCI representatives in government boards and revealed the chamber's plan to launch a dedicated airline to support the business community.

While sharing his views, LCCI Senior Vice President Engineer Khalid Usman emphasised the need for adopting eco-friendly and cost-effective technologies, particularly for the small and medium enterprises (SMEs). He also advocated for expanding the scope of certification labs.

Vice President Shahid Nazir Chaudhry suggested that international conferences and roadshows should be organised to enhance investor engagement.

During the meeting, the LCCI's executive committee members Shouban Akhter, Ahad Amin Malik, Irfan Ahmad Qureshi and former vice president Mian Zahid Javed were also present.