PM directs BOI to develop framework to attract investments
Premier presides over the sixth board meeting of the investment board.
“We need to work on a one window system where the investor can be provided all necessary information and facilities,” says Ashraf. PHOTO: REUTERS/FILE
ISLAMABAD:
Prime Minister Raja Pervez Ashraf directed the Board of Investment (BOI), on Wednesday, to evolve a mechanism to become attractive for investments in the country.
Presiding over the sixth BOI board meeting at the PM Secretariat, the prime minister said that there was a need to further strengthen the investment body. Ashraf said it was ironic that Pakistan, having one of the best investment policies on paper, was failing to attract foreign investment, which was critical for healthy growth of the economy.
The premier said that the process of approving projects employed presently was cumbersome and involvement of a large number of departments made it near impossible for a proposed project to be initiated, which was discouraging investors.
“We need to work on a one window system where the investor can be provided all necessary information and facilities,” said Ashraf. He directed the bureaucracy to work on simplification of the procedures by revisiting the existing processes without compromising on transparency so that foreign investors fell right at home.
Representatives of the private sector assured Ashraf that they were prepared to share their experiences and expertise to ensure smooth implementation of government’s investment-friendly policies.
The minutes of the fifth BOI board meeting, appointment of professionals and details of expenditures incurred by the Board of Investment so far were confirmed during the meeting.
The board also discussed Investment Policy 2013 which was drafted by the BOI in consultation with all stakeholders. Similarly, the board also discussed a draft of the Strategic Policy 2013-2017. It was also resolved during the meeting after a detailed discussion that drafts of the Investment Policy 2013 and the Investment Strategy 2013-2017 will be sent to the Cabinet.
The new members from the private sector, who participated in the meeting, included Federation of Pakistan Chamber of Commerce and Industry Vice President Haroon Rasheed Shaikh, Bank Alfalah CEO Atif Bajwa, Advocate Supreme Court of Pakistan Hussain Naqvi, Sapphire Group Chairman Muhammad Abdullah, Saif Group of Companies Chairman Javed Khan, Pakistan Mining Exploration Corporation Chairman Agha Shahid and Karachi Stock Exchange Chairman Board Munir Kamal.
Published in The Express Tribune, February 7th, 2013.
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Prime Minister Raja Pervez Ashraf directed the Board of Investment (BOI), on Wednesday, to evolve a mechanism to become attractive for investments in the country.
Presiding over the sixth BOI board meeting at the PM Secretariat, the prime minister said that there was a need to further strengthen the investment body. Ashraf said it was ironic that Pakistan, having one of the best investment policies on paper, was failing to attract foreign investment, which was critical for healthy growth of the economy.
The premier said that the process of approving projects employed presently was cumbersome and involvement of a large number of departments made it near impossible for a proposed project to be initiated, which was discouraging investors.
“We need to work on a one window system where the investor can be provided all necessary information and facilities,” said Ashraf. He directed the bureaucracy to work on simplification of the procedures by revisiting the existing processes without compromising on transparency so that foreign investors fell right at home.
Representatives of the private sector assured Ashraf that they were prepared to share their experiences and expertise to ensure smooth implementation of government’s investment-friendly policies.
The minutes of the fifth BOI board meeting, appointment of professionals and details of expenditures incurred by the Board of Investment so far were confirmed during the meeting.
The board also discussed Investment Policy 2013 which was drafted by the BOI in consultation with all stakeholders. Similarly, the board also discussed a draft of the Strategic Policy 2013-2017. It was also resolved during the meeting after a detailed discussion that drafts of the Investment Policy 2013 and the Investment Strategy 2013-2017 will be sent to the Cabinet.
The new members from the private sector, who participated in the meeting, included Federation of Pakistan Chamber of Commerce and Industry Vice President Haroon Rasheed Shaikh, Bank Alfalah CEO Atif Bajwa, Advocate Supreme Court of Pakistan Hussain Naqvi, Sapphire Group Chairman Muhammad Abdullah, Saif Group of Companies Chairman Javed Khan, Pakistan Mining Exploration Corporation Chairman Agha Shahid and Karachi Stock Exchange Chairman Board Munir Kamal.
Published in The Express Tribune, February 7th, 2013.
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