ISLAMABAD, Dec 12: Adviser to the Prime Minister on Privatization and Investment Dr Abdul Hafeez Sheikh here on Thursday set up a task force to have a periodic review of the investment related performance of the Board of Investment.

He chaired a meeting which had in-depth review of the investment policies and discussed proposals to improve investment climate in the country. Detailed discussions were held with the senior management, including BoI chairman Wasim Haqqie, to attract the ambitious investment target of $1 billion set for the fiscal 2002-03.

The adviser stressed that restoration of domestic and foreign investors’ confidence is critically important for the rapid economic growth and top priority of the new government is to address poverty, unemployment and under-development.

Sharing his vision on the economic revival and growth, he emphasized the need to enhance relationship with business leaders and institutions and create a network of fully developed special economic zones to provide ready to start business facilities in all regions of the country.

He expressed the hope that provincial governments will extend full support in implementation and achievement of the stated goals.

Dr Hafeez also reviewed the new BoI website which contains vital information about Pakistan, its policies and opportunities for investment in nine different languages — English, German, French, Korean, Chinese, Japanese, Spanish, Italian and Portages.

He made several suggestions and directed that the new website should be launched next week in the presence of the media, senior economic journalists, commercial officers of foreign missions, and representatives of business associations.

Secretary BoI, Shuja Shah, gave a detailed presentation highlighting the mandate of BoI, its organizational structure and investor facilitation services, investment promotion events at all provincial headquarters and in the target overseas markets.

After the briefing, the Adviser proposed further improvements both in the investment policy packages and strengthening institutional capacity of BoI.

He ordered a detailed review of investment policy and promotion strategy. He also desired that there should be more private sector representation on the board of BoI and provincial investment committees in each of the provinces.

Dr Sheikh further stressed that BoI should carry out a comparison of the investment regimes of the competing countries in the region for the purpose of brining significant and meaningful improvement in “our policies and procedures”.

He added that all investment related institutions would be asked to have an anchorperson in their organizations for acting as a counterpart investor facilitator with BoI to ensure speedy removal of investor irritants and facilitate early project completion.