PESHAWAR: Khyber Pakhtunkhwa Board of Investment and Trade (KPBOIT) has unveiled its Investment Promotion Strategy 2021-2025 which focuses on projects to serve both domestic and export markets.

A statement issued here on Thursday said that KPBOIT launched the strategy in partnership with IFC, a member of World Bank Group.

It said that new strategy was centered on proactively attracting investments and creating jobs.

It also aims at generating reinvestment in the province and linking foreign direct investment to the domestic private sector to help kick-start businesses and minimise losses, layoffs and divestments to reduce the most immediate short term implications of Covid-19 and promote new investment to support the recovery efforts.

The strategy focuses on investment projects to serve both the domestic and export markets that would inject private sector with world class know how, technology and global market connectivity, particularly in manufacturing, logistics and IT enabled services.

“Our five-year investment promotion strategy focuses on projects that will create jobs in the province. In addition, it will help to prepare a strong business case for private and foreign investments in a range of sectors including tourism, minerals, agri-processing and manufacturing,” said Finance Minister Taimur Khan Jhagra.

He said that provincial government was committed to making the province a business-friendly destination.

The strategy has singled out the need to help the investors to minimise the impacts of Covid-19. Laying out plans to attract new investors, the strategy says competing globally for foreign direct investment when projects begin to flow more normally again requires work now to build capacity and initiate competitive-enhancing reforms.

“With a population of over 36 million, the province has more people than many industrialised nations. Given its strategic location, rich minerals resource, growing tourism and potential in manufacturing and industries, the province can become an investment hub,” said Nadeem A Siddiqui, IFC senior manager for Pakistan and Afghanistan.

He said that the new strategy, proactively targeting investors in high-potential sectors, could boost investments in the province, driving competition and a strong growth trajectory.

Published in Dawn, May 21st, 2021