Govt to implement reform aganda for reconstruction of BOI to bring foreign investment


ISLAMABAD, Oct 23 (APP):Reforms agenda for restructuring of Board of Investment (BOI) will implement for enhancing the professional capacity of the institution to bring more foreign investment in country.
Foreign Direct Investment (FDI) recorded increase of 154 percent during the first two months of current financial year 2017-18 as compared to the corresponding period of last financial years 2015-16.
During July-Aug 2017 period ,the net FDI inflow into the country is US$ 457.2 million against $ 179.4 million during July- Aug 2016 and over overall the power and communication sectors attracted the major inward FDI, Additional Secretary and Spokesman of Board of Investment (BOI) Shah Jahan Shah told APP here on Monday.
He said that Investment Facilities Center (IFCs) would also be established in Karachi, Lahore, Islamabad and Peshawar to provide modern facilities to investors.
SEZs investors would get the facility for plant and machinery import without customs duty in all four provinces of the country. The spokesman of BOI said that all steps would be taken for the industrial growth in the country.
He suggested Pakistani investors should go for joint ventures with foreign investors to learn the international best practices of managerial skills and technology.
He said that Special Economic Zones would lead to create employment opportunities and development in the area.Replying to a question, the government is working on a plan for reconstruction and modernization of Board of Investment (BOI) for introducing the best international practices to provide conducive environment for investment, he said.
In this regard, consultative committee had been formed, which consists of senior officials of establishment division and BOI to review and execute the reconstruction plan of BOI on modern lines,He said according to plan, BOI wanted to hire experts to deal with different sectors including legal, export, investment, Special Economic Zones (SEZs) and marketing and branding experts to enhance the capacity and modernization of the institution.
He said that experts for Special Economic Zones (SEZs) would be hired for initiating the projects to attract investment and provide conducive business environment.
He said, “We are committed to facilitate the foreign investors in Special Economic Zones (SEZs).”Three each SEZs would be established in Punjab, Sindh and one in Khyber Pakhtunkhwa, he added.
BOI spokesman said that nine prioritized industrial zones had been proposed for high tech industry meant to enhance the export and
employment opportunities to the people in the country.
The government has identified 46 economic zones throughout the country in different regions. Seven of the economic zones are approved.