ISLAMABAD, Jan 22: The government has decided to implement a new “National Investment Promotion Plan” specially by rejuvenating the Board of Investment (BoI).

According to an official working paper made available to Dawn, the role of the BoI will be reviewed with a view to establishing an independent body comprising the representatives of both the public and private sector for promoting investment.

The new plan seeks to remove the BoI’s regulatory role relating to business development and industrial functions. It has been proposed that the role of the Cabinet Committee on Investment (CCoI) should also be redetermined regarding its functions and the advisory support structure. The purpose is to develop strategies for enhancement of the investment environment.

The plan calls for appropriate legislation for BoI which should permit it to operate as a truly independent and client service oriented organization.

The BoI Secretariat should develop a strategic plan for itself to determine strategies that reflect the priorities of the institution and allocate resources to reflect an appropriate mix of image building.

Under the plan, a new structure will be developed that best accommodate the prioritized functions of the BoI ensuring effective communication and the removal of duplicated functions between different wings.

Similarly, it was proposed that such a system should be carved out which allows personnel to operate flexibly in order to service their clients (investors) effectively and rewards them accordingly.

The new plan also seeks to develop strategies for cooperating effectively with various chambers of commerce and other relevant private sector bodies on investment promotion issues. A new human resource strategy has also been proposed to be formulated to ensure that appropriately skilled personnel are employed and appropriate links are established for operating within and with the provinces.

The purpose, according to the working paper, is to create a positive image of the BoI and Pakistan’s as a favourable country for investment, and to ensure that relevant information is provided regarding new and existing investment policies.

It has been recommended that BoI officials should provide strategic communications counsel on behalf of the Board. At the same time, the BoI should generate cost-savings and create additional sources of revenue including sponsorship and private sector promotional partnership. The Board should also create and maintain proactive and mutually beneficial relations with key internal and external stakeholders.

The BoI was also asked to undertake an aggressive promotion campaign to target specific Chief Executive Officers (CEOs) of various potential companies in Pakistan and involve them in the BoI’s activities. The research centre presently under formation should involve the training of Research Specialists in the area of investor targeting and that the BoI should promote its international presence by utilizing the Web capabilities more effectively.