BoI for setting up of FIC to boost investment: proposal sent to Prime Minister

The Board of Investment (BoI) has proposed the setting up of Foreign Investors Council (FIC) with a view to make Pakistan the most lucrative destination for investment, and enhance the country''s competitiveness in the global markets, official sources told Business Recorder.
They said that that BoI Secretary Mushtaq Malik has forwarded the proposal to Prime Minister Shaukat Aziz with the remarks that such councils are used as model in other emerging market economies like Ireland, Turkey and Russia to attract foreign investment by convincing the international business community that Pakistan has edge in providing business-friendly environment.
They said that the BoI and Competitiveness Support Fund (CSF) of Finance Ministry would be the main stakeholders of the proposed ''Council'', to be headed by the Prime Minister. It would facilitate the investors and promote investment on fast track basis, they added.
The ''FIC'' would be a forum for policy dialogue between the Pakistan government and the foreign investor community and to project Pakistan as a preferred investment destination in the region.
It would bring together the expertise and experience of top international multinationals, and present the same to the Prime Minister, and the Cabinet, in advisory capacity.
Another objective of the ''Council'' would be to get favourable response from international business communities on the Government''s measures to improve Pakistan''s investment climate.
According to the summary, the ''Council'' would be chaired by the Prime Minister, and its members would be Ministers for Privatisation and Investment, and Commerce, Advisor to Prime Minister on Finance, Planning Commission Deputy Chairman, State Bank Governor, CEO of CSF and other relevant senior officials.
Private sector will also be represented on it, through transparent criteria geared towards including those foreign investors who have a significant stake in Pakistan and ability to attract their global counterparts to come to Pakistan to participate in the proposed dialogue with the Prime Minister.
In this context, the global CEOs of the ten-member managing committee of the OICCI are proposed as members of the ''FIC'' to be elected each year by 168 members of the OICCI and typically represents the most significant foreign investors operating in Pakistan.
In addition to this, it has been proposed that the Presidents of US, China, Japan, EU, Middle East ''business councils'' in Pakistan should be included in the FIC. Moreover, about 5-6 multinationals that are currently not present in Pakistan but are needed from a strategic perspective will also be invited to join the FIC. The BoI would act as its secretariat. It may be mentioned here that total foreign investment in the country has touched $6 billion (end-April 2007), which is a record.