Pakistan during July-October of the current financial year attracted foreign direct investment (FDI) of $275.3 million as compared to $17.3 million for the same period of the last year, showing an increase of 62 percent. "It is an encouraging sign," Investment and Privatisation Minister Dr Abdul Hafeez Sheikh said, while chairing a high-level meeting at the Board of Investment (BoI) here on Wednesday.
The meeting reviewed the progress and the status of foreign direct investment and the measures being taken to facilitate the investors, both local and foreign, to accelerate the pace of investment in various sectors.
The minister directed the BoI officials to include the recommendations of the representatives of the chambers of commerce from across the country for further improving the investment policy and a report should be formulated for this purpose by January 20, 2005.
The facilitation centres in Karachi and Islamabad need to be upgraded with specific tools, keeping in view the requirements of the investors and a new centre in Lahore should also be developed, he added.
He said that a plan of investment conferences with target sectors and target countries for the next three months should be devised to attract foreign investment.
A proper mechanism for follow up of the conferences held within and outside Pakistan and the memorandums of understanding (MoUs) signed must be set up to make the efforts result-oriented, he said.
Hafeez also directed to hold provincial committees on investment meetings in all the four provinces during January 2005 to evaluate the investment opportunities available in all parts of the country.
He also asked the BoI to hold meetings with various ministries for setting up effective windows to further improve the investment scenario.
BoI is also working on collaborative ventures such as corporate farming, housing and tourism.
BoI Chairman Waseem Haqqie apprised the meeting of the forthcoming investment events being organised by the BoI, including Shanghai Investment Forum in China and the work plan regarding holding sector specific conferences in the Kingdom of Saudi Arabia, Malaysia and Thailand for which comprehensive programme was being chalked out.
The minister was also informed during the meeting that arrangements for holding Saarc Investment Treaty in December were being finalised.
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