ISLAMABAD, May 2: The Board of Investment (BoI) will be reorganized and restructured to transform it into a more vibrant organisation providing one-window operation for expeditious finalisation of local and foreign investment projects.

This was stated by Prime Minister Shaukat Aziz while chairing a meeting at the Prime Minister’s House here on Tuesday. The prime minister took important decisions to further streamline the working of the BoI. He gave instructions for the reorganisation of the board to make it a more focused organisation to encourage, promote and facilitate both domestic and foreign investments.

Mr Aziz said it was heartening to note that during the last four years, the amount of foreign direct investment (FDI) increased about five times. “During the first nine months of current financial year, the country received $2.2 billion as FDI, which will lead to further growth, employment opportunities and overall economic uplift.”

He said the BoI should develop a marketing plan which should dovetail with the overall investment and reform strategy of the government. “The marketing plan should clearly identify the potential areas of investment and incentives provided by the government. It should also identify 8-10 countries which should be generally focused. The plan should also identify specific countries for each potential areas/industry,” Mr Aziz added.

The prime minister said the marketing plan should also include a clear and comprehensive strategy to achieve the targets set, create awareness at local and foreign level about the investment potential of Pakistan and to sell the investment potential of the country more affectively.

Noting that different parts of the world have different requirements, the prime minister asked the board to develop geographical expertise. They should do research about the interests of investors in Pakistan and prepare country-specific plans and policies to guide different categories of investors more effectively.

“The BoI should study peculiarities of major countries to work as an affective organisation,” the prime minister said.

He asked the board to consistently guide foreign missions and federal and provincial government departments about investment policies and potential areas of investment.

Mr Aziz identified IT and telecom, real estate, engineering, construction business, agribusiness and manufacturing as major potential areas for investment. The premier also asked the BoI to focus more on preparation of promotional and marketing material for the guidance and facilitation of potential investors. He said the existing facilities at various offices of the BoI would be upgraded and modernised.

The meeting was attended among others by Privatisation and Investment Minister Zahid Hamid, Minister of State for Privatisation and Investment Umar Ahmad Chuman and senior officials.