The Board of Investment (BoI) has started appointing Honorary Investment Counsellors (HICs) abroad, who would work in co-ordination with the board to promote international trade and investment opportunities in Pakistan. The board in consultation with the Foreign Office has started scrutinising the credentials of potential candidates, who could support Pakistan in attracting foreign investment.
In first phase, the board has notified HICs in Russia, France, Canada, Italy, Netherlands, Austria, Poland, Czech Republic, Germany, Asean and some Asian countries. Jan Strawinski, Vice President, Multi Marine Services Limited, Poland (HIC) is planning to organise an investment conference with the support of Polish government to promote investment opportunities in Pakistan for Polish investors.
The conference is likely to be held in Poland in May 2014. Similarly, Shehzad Shaikh, CEO, Intertrade Limited has been appointed as HIC to Russia. Others include Michel Sacleux (France), Abdullah Hashwani (Canada), Mauro Rubino (Italy), Sheharyar Khan (Netherlands), Bjoern Conny Josefsson (Austria), Zdenek Prokop (Czech Republic) and Sikhander Mir Kohler (Germany).
Earlier, the BoI terminated as many as 69 HICs appointed by previous governments on the ground that their rule in promoting investment was dissatisfactory. In fresh appointment, they, however, reappointed persons from the list of terminated HICs. "We have decided to keep the list of HICs small, based on past experience that showed that only a few had made efforts in bringing foreign investments to Pakistan," Dr Miftah Ismail Chairman BoI informed Business Recorder.
The HICs are mainly responsible for attracting Foreign Direct Investment (FDI) to Pakistan and keep a close liaison with the business communities in their respective countries. Other role of the HICs included bringing investor delegations to BoI for exploring investment opportunities in Pakistan.
Foreign investment in the country is on a regular decline after peaking out in FY08. According to latest figures available on the website of the board, the country shows 17.9 percent increase in net FDI in 2013-14 (July-February) as compared to 2012-13 (July-February). The foreign inflow of $606 million came during July 2013 to February 2014. Major portion of investment in net FDI has been seen in oil & gas, business, textiles, trade, construction, power, chemical, transport and communication.