ISLAMABAD, Aug 21: Prime Minister Shaukat Aziz has asked the Board of Investment for having close coordination with relevant ministries and organisations to speed up approvals and reduce the hassle factor.

Chairing a meeting here on Tuesday, the premier said that this coordination would help in further simplifying the procedure for investments.

Secretary BoI made a presentation on investment related issues.

Mr Aziz said a comprehensive marketing and brand building for Pakistan would accelerate the process in achieving the targets and creating awareness both at local and foreign level about investment potential in Pakistan.

He said the rising inflows of foreign direct investment reflected the strength of the economy as well as the confidence of investors in the economic future of Pakistan.

This is due to strong macro-economic growth, attractive demographics and continuous structural reforms based on liberalisation, deregulation and privatisation, he added.

He said the BoI should also focus on existing investors and facilitate them in further expansion of their interest for future investments.

Earlier, the secretary BoI in his presentation mentioned that the inflow of $5.1 billion FDI against the total foreign investments of $8.4 billion during 2006-07 was an encouraging sign reflecting investor confidence.

He briefed the meeting that as a result of investment-friendly policies the investors showed interest in all the sectors of economy.

He mentioned that $1.8 billion were invested in telecom sector, $971 million in manufacturing sector, $930 million in financial services, $569 million in oil gas & mining sector, $559 million in services sector, $193 million in power sector and $78 million in others.

He further apprised that major foreign investments were coming from Europe, USA, Far East and the Middle East.