ISLAMABAD: The Board of Investment (BoI) launched a project on Friday to revive the country’s global image as an attractive destination for investment.
The ‘Pakistan Investment Climate’ project launched with the support of International Finance Corporation (IFC) of the World Bank, aims to boost the country’s investment policy and promotion strategy. It will also contribute to streamlining business regulation and creating opportunities for meaningful linkages between foreign and local firms in key sectors.
Speaking at the launching ceremony, BoI Chairman Naeem Zamindar said that with the goal to boost investment competitiveness, the project aims to boost the country’s investment competitiveness, and will support BoI to improve Pakistan’s investment policy and promotion strategy.
Zamindar spoke at length about the potential of Pakistan’s economy which now stands at a crucial vantage point to grow at 9 per cent, and technology building momentum to lift the nation towards prosperity, and said that Pakistan must attract new investment which may assist in job creation jobs for its youth.
BoI Chairman underscored the need to draw more overseas Pakistani business communities towards investment in the country and its integration with China, which is most likely to transform into a $30 trillion economic wonder over the ensuing 25 years.
Speaking on the occasion, IFC Country Manager for Pakistan Nadeem Siddiqui said that Pakistan has the potential to attract higher levels of foreign direct investment in the coming years, given the BoI’s investment promotion strategy taps into the economic potential of the provinces and opportunities arising from the development of Special Economic Zones.
He emphasised that BoI should continue to facilitate foreign investors by helping them obtain work visas and coordinate with the federal and provincial authorities to improve the regulatory environment.
It must be noted that international investors are eyeing Pakistan with renewed optimism.
“Global experience confirms that regulatory certainty and policy predictability are essential for investors” noted Christine Qiang, World Bank Practice Manager responsible for Investment Policy and Competition. The board has an important role to play, with the provincial BoIs, to advocate for and facilitate a stable and consistent policy environment for investors,” she said.
Published in Dawn, February 24th, 2018
