ISLAMABAD: The Investment Policy for 2013 and a Investment Strategy 2013-17 were unveiled here on Wednesday at the meeting of the Board of Investment, chaired by Prime Minister Raja Pervez Ashraf.

Under the new policy, ‘all restrictions on minimum investments’ have been removed, Minister of State for Finance, Salim H. Mandviwalla, who is also Chairman of BoI, told Dawn.

Discussing the two new investment policy documents, the prime minister said: “It was ironic that Pakistan despite having one of the best investment policies on paper, has failed to attract foreign investments.”

He emphasised the need for simplification of existing procedures to attract foreign investment into the country.

After thorough discussion, it was resolved that the draft Investment Policy 2013 and Investment Strategy 2013-2017 would be sent to the cabinet for approval.

The prime minister directed the BoI to evolve a mechanism to become more effective in facilitating investments.

The prime minister said that the present process of approval of projects was cumbersome and involved a large number of departments before a project could see the light of the day.

This, he said, was discouraging investors and needed to be simplified.

“We need to work on a one window system where the investor can be provided all necessary information and facilities,” he remarked.

The prime minister directed the bureaucracy to work on simplification of procedures by revisiting the existing processes without compromising on transparency so that the investors were comforted.

Representatives of the private sector, who attended the meeting, assured the prime minister that they were prepared to share their experience and expertise to ensure implementation of government’s investment-friendly policies.

The board meeting also confirmed appointment of professionals and details of expenditure incurred from Board of Investment fund so far.

The new members from the private sector who participated in the board meeting included Haroon Rasheed Shaikh, Vice President FPCCI; Atif Bajwa, CEO Bank Alfalah; Syed Faisal Hussain Naqvi, Advocate Supreme Court of Pakistan; Capt. Ijaz Ali Faizi, CEO ‘Vision Air’; Muhammad Abdullah, Chairman, Sapphire Group; Javed Saifullah Khan, Chairman Saif Group of Companies; Agha Shahid, Chairman, Pakistan Mining Exploration Corporation; and Munir Kamal, Chairman, Karachi Stock Exchange Board.

Finance Minister Abdul Hafeez Shaikh and Deputy Chairman of Planning Commission Nadeem ul Haq also attended the meeting.