ISLAMABAD, Oct 20: Prime Minister Shaukat Aziz on Thursday constituted four committees that would submit recommendations to the Board of Investment (BoI) within one month for attracting both domestic and international investment in specific areas.

The prime minister was addressing a meeting at the BoI here, which was attended by chief ministers of Sindh, Balochistan and NWFP, the Punjab minister for law, federal ministers and prominent bankers and industrialists.

The Committee on Facilitation of Private Enquiry Fund, with Nasir Ali Shah Bokhari as its coordinator, and the Private Power Investment Committee, with Mian Mansha as its coordinator, will submit a strategy for the facilitation of investment in this key area.

The Land Acquisition Committee, with Shahid Feroz as its coordinator, will submit recommendations to simplify land acquisition from the provincial governments. The Corporate Farming Investment Committee, with the minister for food as its coordinator, will ensure that the provinces complete the pending cases relating to the corporate farming.

The prime minister directed the BoI to remove all impediments to investment, domestic and foreign, especially in the areas of land acquisition, provision of utilities and facilitation at the provincial and local levels.

The provincial governments were asked to be more active and energize their provincial committees on investment headed by their respective chief ministers.

The minister for privatization and investment will visit the provinces and review the functioning of the provincial investment committees and suggest areas for reforms in functioning and deregulation.

Mr Aziz appreciated the support received from the private sector for the earthquake victims. The private sector has contributed Rs6.5 billion to the president’s relief fund.

The meeting also decided to appeal to the business community to continue its support and participate in the second phase of reconstruction and rehabilitation.

The private sector’s offer to sponsor one village, hospital and school was acknowledged and appreciated. The meeting also reviewed the overall economic and investment situation arising out of the earthquake and decided to adopt a proactive approach aimed at converting the challenge into opportunity for the development of the earthquake-hit areas of AJK and NWFP.

The meeting also reviewed the overall investment climate and expressed its satisfaction that foreign investment had increased five-fold in the last five years from $322 million to $1.56 billion.

It was noted that Pakistan was considered as one of the most liberal investment regime and was rated one of the top ten reformers, and therefore considered most favourable for investment than other major countries of the region.

It was also decided to hold the next meeting of the BoI later in November aimed at continuing with the institutionalization of investment and facilitation and in this regard the board would play a key role in developing policies and identifying sectors with competitive advantages in Pakistan.