ISLAMABAD (APP) – Pakistan Board of Investment (BOI), in partnership with the International Finance Corporation and World Bank with the support from the United Kingdom government’s Prosperity Fund, has launched a project to revive Pakistan’s global appeal as an attractive location for both local and foreign investment.
Chairman BOI Naeem Zamindar said said Pakistan Investment Climate Project aims to boost the country’s investment competitiveness.
He was addressing a workshop on “Knowledge Exchange Retreat Investment Policy and Promotion Strategy” organized by BOI with Collaboration of World Bank Group (WBG) here on Friday.
He said the project will support BOI to improve Pakistan’s investment policy and promotion strategy.
It will also contribute to streamlining business regulation and creating opportunities for meaningful linkages between foreign and local firms in key sectors, Naeem said.
The Chairman BOI, highlighted about how Pakistan’s economy stands at a crucial vantage point with the potential to grow at the rate over 9% , technology building momentum to lift the nation towards prosperity.
For this, Pakistan must attract new investment which will help the country create jobs for its youth, as 65 percent of young and growing population and its aspiration, he added.
Naeem Zamindar also underscored the need to draw more overseas Pakistani business communities towards the country and on the need to integrate with China, which is most likely to transform into a 30 trillion-dollar economic wonder over the ensuing twenty-five years.
He said the enablers for this growth are opportunity to leapfrog due to technological revolution, “our integration in to the growing Chinese economy due to China Pakistan Economic Corridor (CPEC) and the opportunity to tape the capital and know-how of our overseas strong diaspora.”
At a Knowledge Exchange Retreat organized by the BIO, sensor officials from the World Bank Group and the IFC were pleased and upbeat at their collaboration with the BOI.
Country Manager IFC Pakistan, Nadeem Siddiqui, while speaking at the opening session of the event said that “Pakistan has the potential to attract higher levels of foreign direct investment in the coming years, given the BOI’s investment promotion strategy taps into the economic potential of the provinces and the opportunities arising from the development of Special Economic Zones.”
He also stressed that BOI should continue to facilitate foreign investors by helping them obtain work visas without any hassle coordinating with federal and provincial authorities to improve the regulatory environment.
The need for improved coordination between the provincial and federal agencies was also highlighted by Chairman BOI, he added.
It must be noted that international investors are eyeing Pakistan with renewed optimism.
“Global experience confirms the regulatory certainty and policy predictability are essential for investors” noted Christine Qiang, World Bank Practice Manager responsible for Investment Policy and Competition.
She added that“Pakistan Board of investment has an important role to play, with the provincial Boards of Investment, to advocate for and facilitate a stable and consistent policy environment for investors.”
Secretary BOI, .Samaira Nazir Siddiqui, while concluding the Knowledge Exchange Retreat thanked the IFC and WBG, and also acknowledges the support of Department of International Development of the UK Government for initiating investment climate and doing business reforms in Pakistan.
She emphasized on Secretary BOI said that working closely with all the federal government authorities as well as provincial governments to ensure that investors in Pakistan are facilitated.
She also stated that improving the investment policy and promotion framework will help attract, generate and retain investment into Pakistan.