Boosting local and foreign investment: Prime Minister directs Board of Investment to create conducive environment

Islamabad: Prime Minister Yusuf Raza Gilani directed Board of Investment BoI to bring in his notice immediately any hindrance in process of new investment whether public or private.

Chairing 5th meeting of BoI Friday at PM Secretariat, he said all steps be taken to create conducive environment so that pace of local and foreign investment can be accelerated. While revamping, updating Investment Policy 1997 it should be ensured to make it more practical by involving private sector, provincial governments and all stakeholders.

Gilani said provinces had been given representation on BoI Board at Chief Secretary level and on future Executive Committee at a senior level. Role of private sector in public-private dialogue and Sectors Advisory Groups must be facilitated as per government policy to promote public-private partnership, he stressed.

Chairman BoI said prime function of Committee is to facilitate BOI activities, launch public private dialogue, develop target sectors, identify competitive investment projects, consult on policy initiatives for improving investment climate. Registration of foreign companies, entities with BOI will be made to identify, track inflow of foreign investment in the country and make their registration with BOI mandatory to conduct business.

The meeting which approved registration of foreign companies/ entities with BoI was attended by Dr. Abdul Hafeez Shaikh Finance Minister, Salman Siddique, Chairman FBR, Dr. Nadeemul-Haq, Deputy Chairman Planning Commission President FPCCI. Private sector representatives were Maqsood Ismail MD Candy land, Suhail P. Ahmad CEO Thal Engineering, Captain Aijaz Ali Faizi CEO vision Air, Asif Jooma CEO Abbott Pharma, Kaeem Siddiqui, President PMB Byco Petroleum Pakistan, Sajjad Gul CEO Evernew Studio, Nauman Wazeer CEO FF Steel Frontier Foundry & Zahid Rafiq of Habib Rafiq.

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