Prime Minister Shaukat Aziz on Thursday appreciated the support received from the private sector for earthquake victims, as it has so far contributed Rs 6.5 billion in the President''s Relief Fund.
The prime minister was addressing a meeting of the Board of Investment (BoI) here. Chief Ministers of Sindh, Balochistan, NWFP, Punjab law minister on behalf of Punjab chief minister, who is abroad, federal ministers and prominent bankers and industrialists attended the meeting.
It was also decided to appeal to the business community to continue its support and to participate in the second phase of reconstruction and rehabilitation.
The private sector''s offer to sponsor one village, one hospital and a school was acknowledged and appreciated.
The overall economic and investment situation after the earthquake was also reviewed and it was decided to adopt a proactive approach aimed at converting the challenge into all opportunity for the development of the earthquake-hit areas of AJK and NWFP.
The meeting also reviewed the overall investment climate and expressed its satisfaction that the foreign investment has increased fivefold in the last five years from $322 million to $1.56 billion.
It was noted that Pakistan is considered as one of the most liberal investment regime and is rated one of the top 10 reformers and, therefore, considered most favourable for investment than other major countries of the region.
The prime minister directed the board to remove all impediments in the way of investors, domestic and foreign, especially in the areas of land acquisition, provision of utilities and facilitation at the provincial and local levels.
The provincial governments were asked to be more active and energise their provincial committees on investment, which are headed by the respective chief ministers.
Privatisation and Investment Minister Hafeez Sheikh will visit the provinces and review the functioning of the provincial investment committees and suggest areas for reforms in functioning and deregulation.
The board also constituted four committees, which were directed to present their recommendations to the BoI within a month for improvement of the specific areas.
These include Committee on Facilitation of Private Enquiry Fund, with Nasir Ali Shah Bokhari designated as its co-ordinator, Private Power Investment Committee with Mian Mansha as co-ordinator. It will submit a transparent strategy for facilitation of investment in this key area.
The Land Acquisition Committee with Shahid Feroz as co-ordinator. It will submit recommendations to simplify land acquisition from the provincial governments.
The Corporate Farming Investment Committee with food minister as co-ordinator. It will ensure that the provinces complete pending cases relating to the corporate farming.
It was also decided in the meeting to hold next meeting of the board later in November aimed at to continue with the institutionalisation of investment, facilitation and in this regard the BoI will play a key role in developing policies and identifying sectors with competitive advantages in Pakistan.-PR
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