The government has decided to set up Investors Data Bank (IDB) for providing exact picture and basic data of different sectors of economy to the investors, it was learnt here on Saturday.
The Bank will get the data from various ministries/divisions and corporations and provide to the investors under one-window facility programme, and the Board of Investment (BoI) will manage it.
It will identify priority sectors and prepare basic investment guides for the investors. The priority sectors will include those, which have great potential to attract foreign direct investment (FDI), and help the government achieve annual FDI target for 2005-06.
In the new strategy, the government attaches great importance to unconventional sectors of the economy. Some of these were tourism, hotels, infrastructure and automobile.
An official, who is working on the project, told Business Recorder that the basic purpose of setting up the Investors Data Bank is to do away with the existing complicated and lengthy procedure that the new investors face to get basic information about different sectors before making their choice.
Currently, the investors have to follow a cumbersome procedure and go to a number of federal and provincial departments to seek No Objection Certificate (NOC) for setting up any industry or undertaking development-related project.
According to the official, the Board of Investment briefed President General Pervez Musharraf on the functioning and role of the Investors Data Bank recently.
The official claimed that the President appreciated the idea of setting it up and directed to the authorities concerned to complete the paper work on top priority basis, saying the President is all out for simplification of procedure and formalities to remove irritants that impede foreign investment.
The President wants drastic improvement in the process of land acquisition, availability of utilities such as gas, electricity and water for the new development projects and industries, the official added.
The government is also going to constitute a Facilitation Board by the end of the current calendar year with a mandate to give better facilities to the investors. The Board will have equal representation of the government and the private sector to help bring each other closer and develop better understanding to create conducive environment to attract the private sector investment in different potential areas.