The Board of Investment with the support of the United Kingdom government's Prosperity Fund launched a project in partnership with International Finance Corporation and World Bank to revive Pakistan's global appeal as an attractive location for both local and foreign investment. Pakistan Investment Climate Project (PICP) aims to boost the country's investment competitiveness. The project will further support the BoI to improve Pakistan's investment policy and promotion strategy, and contribute to streamlining business regulation and creating opportunities for meaningful linkages between foreign and local firms in key sectors.
At a 'Knowledge Exchange Retreat' organized by the BoI here at a local hotel, senior participants from the World Bank Group and the IFC were pleased and upbeat at their collaboration with the BoI. According to recent report of State Bank of Pakistan, the Foreign Direct Investment (FDI) registered decline by 3 percent to $1.48 billion during July- January 2017/2018 as against $1.53 billion in the corresponding period of the last fiscal year.
Chairman BoI Naeem Zamindar, spoke at length about how Pakistan's economy stands at a crucial vantage point with the potential to grow at the rate of over nine percent. For this, Pakistan must attract new investment which will help the country create jobs for its youth, as 65 percent population of the country is young, he said.
The BoI chairman also underscored the need for attracting more overseas Pakistani business communities towards the country. He stressed the need for integrating with China, which is most likely to transform into a 30 trillion-dollar economic wonder over the next 25 years. While speaking on the opening session of the event, Country Manager IFC Pakistan, Nadeem Siddiqui said, "Pakistan has the potential to attract higher levels of foreign direct investment in the coming years, given the BoI's investment promotion strategy taps into the economic potential of the provinces and the opportunities arising from the development of special economic zones."
He also stressed that BoI should continue to facilitate foreign investors by helping them obtain work visas without any hassle and coordinate with the federal and provincial authorities to improve the regulatory environment. The need for improved coordination between the provincial and federal agencies was also highlighted by the BoI chairman. "Global experience confirms that the regulatory certainty and policy predictability are essential for investors," noted World Bank Practice Manager Christine Qiang. She added, "Pakistan Board of Investment has an important role to play, with the provincial BoIs, to advocate for and facilitate a stable and consistent policy environment for investors."
Secretary BoI Sumaira Nazir Siddiqui emphasized on working closely with all the federal government authorities as well as provincial governments to ensure that investors in Pakistan are facilitated. Senior participants from the provincial boards of investment were also excited at the prospects of more collaboration with the federal government to churn out an investment strategy that bears far-reaching welfare benefits for the people of Pakistan, particularly for new businesses.
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