ISLAMABAD, Oct 27: The federal government has reconstituted the 24-member Board of Investment (BoI) with immediate effect under the 2001 BoI Ordinance, officials said.

Prime Minister Mir Zafarullah Khan Jamali will be president of the BoI instead of President General Pervez Musharraf. The BoI was last constituted in July 2001 under the then promulgated 2001 BoI Ordinance and was presided over by President Pervez Musharraf.

Under the ordinance, the prime minister should be the president of the BoI. President Pervez Musharraf, however, continued to be on the board as president even after inception of the civil government in October last year.

The Investment and Privatization Minister would be vice-president of the Board. The BoI will have 12 government members, including the prime minister and 12 private sector members. A notification to this effect was issued last week.

Six government sector members of the BoI include ministers for finance, commerce, industries and production, science and technology, communications, food and agriculture, BoI chairman, SBP governor, CBR chairman and BoI secretary.

The private sector members of the Board include presidents of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Overseas Investment Chamber of Commerce and Industry (OICCI).

Others members include Syed Yawar Ali (Nestle Milkpack chairman), MNA Jehangir Khan Tarin (agriculturist), Mian Muhammad Mansha (textile, banking and cement), Shahzad Alam (electronics), Jehangir Siddiqui (portfolio investment), Javed Saifullah Khan (Mobilink-Telecom), Nasir Ali Shah Bukhari (KASB-Banking and portfolio investment), Shahid Feroz (IT and telecom), Mohsin Aziz (textile) and Khurshid Marker (pharmaceutical).