ISLAMABAD, Sept 27: Prime Minister Shaukat Aziz on Thursday approved in principle the restructuring of the Board of Investment (BOI) to transform it into a more vibrant organisation providing one-window operation for expeditious finalisation of local and foreign investment projects.

Chairing a meeting on restructuring of BOI here, the premier said after restructuring the BOI would be working under the name of Investment Division, thus help further simplifying the procedure for investment.

He said an effective and efficient BOI is critical for macro-economic stability and growth of Foreign Direct Investment (FDI).

Mr Aziz stressed the need for International Benchmarking of BOI to make it a viable organisation to attract more investment for Pakistan.

He said continuous flow of FDI to Pakistan indicates the strength of the economy as well as confidence of investors in the economic future of the country.

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

Mr Aziz said that the BOI should develop a marketing plan, which should be dovetailed 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, he said.

He 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 investment potential of Pakistan and to sell the investment potential of the country more effectively.

Noting that different parts of the world have different requirements, he asked the BOI to develop a geographical expertise.

They should conduct research about interests of investors in Pakistan and prepare country-specific plans and policies to guide different categories of investors more effectively, he said.

Mr Aziz asked the BOI to consistently guide foreign missions, federal and provincial government departments about the investment policies and potential areas of investment.

While identifying major potential areas for investment, including IT & Telecom, real estate and construction, engineering, agri-business and manufacturing, he asked the BOI to focus more on preparation of promotional and marketing material for guidance and facilitation of potential investors.