FDI exceeds to $ 2 bln during July to May 2016-17: BOI

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ISLAMABAD, June 22 (APP): Board of Investment (BoI) on
Thursday said the Foreign Direct Investment (FDI) had exceeded to $ 2
billion during July to May 2016-17, up 22.6 percent increase as compare
to previous year.
The Board of Investment (BoI) would be reviewed the investment
strategy 2013-15 in light of new realities for evolving the
mechanism for modernization and staff capacity building with the
collaboration of World Bank (WB), spokesman of BoI Shah Jahan
Shah Thursday told APP.
He said the government was focussing on paying taxes
in order to ensure ease of doing business for local and foreign
investors.
“We are focusing on tax reforms and would take further steps
to simplify payment of taxes mechanism for the local and foreign
investors,” BoI spokesman said.
He said an effective system of taxation helped in formalizing
the economy, encourages economic growth, shapes political cohesion
between tiers of the government and results in increase in social
sector service delivery.
BoI spokesman stressed that there was dire need to reform the
taxation regime particularly reducing the administrative burden on
tax payers through merging and addressing the multiplicity of taxes,
tax payments and tax collecting agencies.
He said the government would hold road shows in China, Italy,
Singapore, United Kingdom and United Arab Emirates including all big economies in coming few months for increasing Pakistan’s Foreign Direct Investment.
Through new work plan, BoI would hold road shows in
collaboration with chambers of commerce and industries and All
Pakistan Textile Mills Association (APTMA) for focusing on textile
and steel industry.
He said priority of BoI was to reviving the confidence of
foreign investors to ultimately boost foreign investment in the
country.